Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 31, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | HANCOCK WHITNEY CORPORATION | |
Entity Filer Category | Large Accelerated Filer | |
Entity Central Index Key | 0000750577 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Fiscal Period Focus | Q3 | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 001-36872 | |
Entity Tax Identification Number | 64-0693170 | |
Entity Address, Address Line One | Hancock Whitney Plaza | |
Entity Address, Address Line Two | 2510 14th Street | |
Entity Address, City or Town | Gulfport | |
Entity Address, State or Province | MS | |
Entity Address, Postal Zip Code | 39501 | |
City Area Code | (228) | |
Local Phone Number | 868-4000 | |
Entity Common Stock, Shares Outstanding | 86,826,483 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | MS | |
Common Stock, Par Value $3.33 Per Share [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common stock, par value $3.33 per share | |
Trading Symbol | HWC | |
Security Exchange Name | NASDAQ | |
6.25% Subordinated Notes [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 6.25% Subordinated Notes | |
Trading Symbol | HWCPZ | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 527,880 | $ 526,306 |
Interest-bearing bank deposits | 3,062,325 | 1,333,352 |
Federal funds sold | 456 | 434 |
Securities available for sale, at fair value (amortized cost of $6,943,511 and $5,766,234) | 7,000,921 | 5,999,327 |
Securities held to maturity (fair value of $1,385,967 and $1,467,581) | 1,307,701 | 1,357,170 |
Loans held for sale | 90,618 | 136,063 |
Loans | 20,886,015 | 21,789,931 |
Less: allowance for loan losses | (371,521) | (450,177) |
Loans, net | 20,514,494 | 21,339,754 |
Property and equipment, net of accumulated depreciation of $272,213 and $271,801 | 350,554 | 380,516 |
Right of use assets, net of accumulated amortization of $31,365 and $23,330 | 98,419 | 110,691 |
Prepaid expenses | 40,329 | 41,443 |
Other real estate and foreclosed assets, net | 8,423 | 11,648 |
Accrued interest receivable | 99,314 | 104,268 |
Goodwill | 855,453 | 855,453 |
Other intangible assets, net | 74,146 | 86,892 |
Life insurance contracts | 661,770 | 615,780 |
Funded pension assets, net | 220,121 | 171,175 |
Other assets | 405,384 | 568,330 |
Total assets | 35,318,308 | 33,638,602 |
Deposits | ||
Noninterest-bearing | 13,653,376 | 12,199,750 |
Interest-bearing | 15,554,781 | 15,498,127 |
Total deposits | 29,208,157 | 27,697,877 |
Short-term borrowings | 1,745,228 | 1,667,513 |
Long-term debt | 248,011 | 378,322 |
Accrued interest payable | 3,060 | 4,315 |
Lease liabilities | 119,250 | 130,627 |
Deferred tax liability, net | 31,250 | 49,406 |
Other liabilities | 333,586 | 271,517 |
Total liabilities | 31,688,542 | 30,199,577 |
Stockholders' equity: | ||
Common stock | 309,513 | 309,513 |
Capital surplus | 1,774,874 | 1,757,937 |
Retained earnings | 1,545,181 | 1,291,506 |
Accumulated other comprehensive income, net | 198 | 80,069 |
Total stockholders' equity | 3,629,766 | 3,439,025 |
Total liabilities and stockholders' equity | $ 35,318,308 | $ 33,638,602 |
Preferred shares authorized (par value of $20.00 per share) | 50,000,000 | 50,000,000 |
Common shares authorized (par value of $3.33 per share) | 350,000,000 | 350,000,000 |
Common shares issued | 92,947,000 | 92,947,000 |
Common shares outstanding | 86,823,000 | 86,728,000 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 6,943,511 | $ 5,766,234 |
Securities held to maturity, fair value | 1,385,967 | 1,467,581 |
Property and equipment, accumulated depreciation | 272,213 | 271,801 |
Right of use assets, accumulated amortization | $ 31,365 | $ 23,330 |
Preferred stock, par value per share | $ 20 | $ 20 |
Common stock, par value per share | $ 3.33 | $ 3.33 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest income: | ||||
Loans, including fees | $ 204,102 | $ 220,392 | $ 626,881 | $ 688,032 |
Loans held for sale | 635 | 833 | 1,954 | 2,104 |
Securities-taxable | 33,936 | 30,863 | 98,287 | 95,172 |
Securities-tax exempt | 4,724 | 4,831 | 14,269 | 14,629 |
Short-term investments | 1,020 | 124 | 2,111 | 791 |
Total interest income | 244,417 | 257,043 | 743,502 | 800,728 |
Interest expense: | ||||
Deposits | 5,090 | 14,783 | 21,381 | 76,349 |
Short-term borrowings | 1,470 | 1,673 | 4,558 | 8,388 |
Long-term debt | 3,148 | 5,404 | 13,624 | 11,754 |
Total interest expense | 9,708 | 21,860 | 39,563 | 96,491 |
Net interest income | 234,709 | 235,183 | 703,939 | 704,237 |
Provision for credit losses | (26,955) | 24,999 | (49,095) | 578,690 |
Net interest income after provision for credit losses | 261,664 | 210,184 | 753,034 | 125,547 |
Noninterest income: | ||||
Securities transactions, net | 376 | 333 | 488 | |
Other income | 22,189 | 14,423 | 55,722 | 43,624 |
Total noninterest income | 93,361 | 83,748 | 274,722 | 242,078 |
Noninterest expense: | ||||
Compensation expense | 92,601 | 97,095 | 289,034 | 286,922 |
Employee benefits | 19,377 | 20,761 | 85,213 | 64,892 |
Personnel expense | 111,978 | 117,856 | 374,247 | 351,814 |
Net occupancy expense | 11,974 | 13,191 | 37,839 | 39,272 |
Equipment expense | 4,894 | 5,355 | 14,067 | 14,724 |
Data processing expense | 24,766 | 21,888 | 71,598 | 65,185 |
Professional services expense | 12,748 | 14,372 | 37,472 | 35,098 |
Amortization of intangible assets | 4,082 | 4,788 | 12,746 | 15,302 |
Deposit insurance and regulatory fees | 3,680 | 4,108 | 10,042 | 15,039 |
Other real estate and foreclosed assets expense (income) | (376) | (482) | (456) | 9,188 |
Other expense | 20,957 | 14,698 | 66,990 | 50,026 |
Total noninterest expense | 194,703 | 195,774 | 624,545 | 595,648 |
Income (loss) before income taxes | 160,322 | 98,158 | 403,211 | (228,023) |
Income taxes expense (benefit) | 30,740 | 18,802 | 77,739 | (79,274) |
Net income (loss) | $ 129,582 | $ 79,356 | $ 325,472 | $ (148,749) |
Earnings (loss) per common share-basic | $ 1.46 | $ 0.90 | $ 3.67 | $ (1.73) |
Earnings (loss) per common share-diluted | 1.46 | 0.90 | 3.67 | (1.73) |
Dividends paid per share | $ 0.27 | $ 0.27 | $ 0.81 | $ 0.81 |
Weighted average shares outstanding-basic | 86,834 | 86,358 | 86,800 | 86,614 |
Weighted average shares outstanding-diluted | 87,006 | 86,400 | 86,951 | 86,614 |
Service charges on deposit accounts | ||||
Noninterest income: | ||||
Service charges on deposit accounts | $ 21,159 | $ 18,440 | $ 59,686 | $ 56,795 |
Trust fees | ||||
Noninterest income: | ||||
Service charges on deposit accounts | 16,041 | 14,424 | 47,351 | 43,390 |
Bank card and ATM fees | ||||
Noninterest income: | ||||
Service charges on deposit accounts | 19,833 | 17,222 | 58,436 | 50,541 |
Investment and annuity fees and insurance commissions | ||||
Noninterest income: | ||||
Service charges on deposit accounts | 7,167 | 5,988 | 21,956 | 18,504 |
Secondary mortgage market operations | ||||
Noninterest income: | ||||
Service charges on deposit accounts | $ 6,972 | $ 12,875 | $ 31,238 | $ 28,736 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 129,582 | $ 79,356 | $ 325,472 | $ (148,749) |
Other comprehensive income (loss) before income taxes: | ||||
Net change in unrealized gain or loss on securities available for sale and cash flow hedges | (48,569) | 425 | (143,924) | 217,254 |
Reclassification of net income realized and included in earnings | (6,425) | (4,076) | (9,337) | (6,593) |
Valuation adjustments to pension plan attributable to the Voluntary Early Retirement Incentive Program (VERIP) and curtailment | 59,606 | |||
Other valuation adjustments to employee benefit plans | (10,651) | (10,251) | ||
Amortization of unrealized net gain on securities transferred to held to maturity | (33) | (89) | (134) | (378) |
Other comprehensive income (loss) before income taxes | (55,027) | (3,740) | (104,440) | 200,032 |
Income tax expense (benefit) | (12,363) | 48 | (24,569) | 46,370 |
Other comprehensive income (loss) net of income taxes | (42,664) | (3,788) | (79,871) | 153,662 |
Comprehensive income | $ 86,918 | $ 75,568 | $ 245,601 | $ 4,913 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss), Net [Member] |
Balance at Dec. 31, 2019 | $ 3,467,685 | $ (44,087) | $ 309,513 | $ 1,736,664 | $ 1,476,232 | $ (44,087) | $ (54,724) |
Balance, Shares Issued at Dec. 31, 2019 | 92,947 | ||||||
Net income (loss) | (148,749) | (148,749) | |||||
Other comprehensive loss | 153,662 | 153,662 | |||||
Comprehensive income | 4,913 | (148,749) | 153,662 | ||||
Cash dividends declared | (71,620) | (71,620) | |||||
Common stock activity, long-term incentive plans | 16,261 | 16,159 | 102 | ||||
Net settlement of accelerated share repurchase agreement (1,001,472 shares) | 12,110 | 12,110 | |||||
Repurchase of common stock | (12,716) | (12,716) | |||||
Issuance of stock from dividend reinvestment and stock purchase plans | 3,098 | 3,098 | |||||
Balance at Sep. 30, 2020 | 3,375,644 | $ 309,513 | 1,755,315 | 1,211,878 | 98,938 | ||
Balance, Shares Issued at Sep. 30, 2020 | 92,947 | ||||||
Balance at Jun. 30, 2020 | 3,316,157 | $ 309,513 | 1,747,640 | 1,156,278 | 102,726 | ||
Balance, Shares Issued at Jun. 30, 2020 | 92,947 | ||||||
Net income (loss) | 79,356 | 79,356 | |||||
Other comprehensive loss | (3,788) | (3,788) | |||||
Comprehensive income | 75,568 | 79,356 | (3,788) | ||||
Cash dividends declared | (23,803) | (23,803) | |||||
Common stock activity, long-term incentive plans | 6,642 | 6,595 | 47 | ||||
Issuance of stock from dividend reinvestment and stock purchase plans | 1,080 | 1,080 | |||||
Balance at Sep. 30, 2020 | 3,375,644 | $ 309,513 | 1,755,315 | 1,211,878 | 98,938 | ||
Balance, Shares Issued at Sep. 30, 2020 | 92,947 | ||||||
Balance at Dec. 31, 2020 | $ 3,439,025 | $ 309,513 | 1,757,937 | 1,291,506 | 80,069 | ||
Balance, Shares Issued at Dec. 31, 2020 | 92,947 | 92,947 | |||||
Net income (loss) | $ 325,472 | 325,472 | |||||
Other comprehensive loss | (79,871) | (79,871) | |||||
Comprehensive income | 245,601 | 325,472 | (79,871) | ||||
Cash dividends declared | (72,046) | (72,046) | |||||
Common stock activity, long-term incentive plans | 16,755 | 16,506 | 249 | ||||
Repurchase of common stock | (2,509) | (2,509) | |||||
Issuance of stock from dividend reinvestment and stock purchase plans | 2,940 | 2,940 | |||||
Balance at Sep. 30, 2021 | $ 3,629,766 | $ 309,513 | 1,774,874 | 1,545,181 | 198 | ||
Balance, Shares Issued at Sep. 30, 2021 | 92,947 | 92,947 | |||||
Balance at Jun. 30, 2021 | $ 3,562,901 | $ 309,513 | 1,770,973 | 1,439,553 | 42,862 | ||
Balance, Shares Issued at Jun. 30, 2021 | 92,947 | ||||||
Net income (loss) | 129,582 | 129,582 | |||||
Other comprehensive loss | (42,664) | (42,664) | |||||
Comprehensive income | 86,918 | 129,582 | (42,664) | ||||
Cash dividends declared | (24,002) | (24,002) | |||||
Common stock activity, long-term incentive plans | 5,480 | 5,432 | 48 | ||||
Repurchase of common stock | (2,509) | (2,509) | |||||
Issuance of stock from dividend reinvestment and stock purchase plans | 978 | 978 | |||||
Balance at Sep. 30, 2021 | $ 3,629,766 | $ 309,513 | $ 1,774,874 | $ 1,545,181 | $ 198 | ||
Balance, Shares Issued at Sep. 30, 2021 | 92,947 | 92,947 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net settlement of accelerated share repurchase agreement, shares | 1,001,472 | |||
Repurchase of common stock, shares | 56,349 | 56,349 | 315,851 | |
Retained Earnings [Member] | ||||
Cash dividends declared, per common share | $ 0.27 | $ 0.27 | $ 0.81 | $ 0.81 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 325,472 | $ (148,749) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 21,743 | 22,869 |
Provision for credit losses | (49,095) | 578,690 |
(Gain) loss on other real estate and foreclosed assets | (1,124) | 9,252 |
Gain on sale of securities | (333) | (488) |
Deferred tax expense (benefit) | 1,378 | (28,949) |
Increase in cash surrender value of life insurance contracts | (21,122) | (14,443) |
Impairment (gain) on disposal of assets | 15,165 | (556) |
Loss on extinguishment of debt | 4,165 | |
Net (increase) decrease in loans held for sale | 43,867 | (46,691) |
Net amortization of securities premium/discount | 38,318 | 30,576 |
Amortization of intangible assets | 12,746 | 15,302 |
Stock-based compensation expense | 17,270 | 16,661 |
Net change in liability from variation margin collateral | 53,387 | (102,501) |
Decrease in interest payable and other liabilities | 22,037 | 11,369 |
(Increase) decrease in other assets | 60,971 | (97,265) |
Other, net | (13,970) | (17,607) |
Net cash provided by operating activities | 530,875 | 227,470 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from the sale of available for sale securities | 198,681 | 211,919 |
Proceeds from maturities of securities available for sale | 831,433 | 662,269 |
Purchases of securities available for sale | (2,235,723) | (1,667,476) |
Proceeds from maturities of securities held to maturity | 99,044 | 169,863 |
Purchases of securities held to maturity | (59,362) | (20,884) |
Net redemptions (purchases) of Federal Home Loan Bank stock | 52,535 | (12,868) |
Net increase in short-term investments | (1,728,995) | (668,828) |
Proceeds from sales of loans and leases | 12,540 | 301,609 |
Net (increase) decrease in loans | 915,652 | (1,657,939) |
Purchase of life insurance contracts | (75,000) | |
Proceeds from the surrender of life insurance contracts | 44,045 | |
Purchases of property and equipment | (12,402) | (31,214) |
Proceeds from sales of other real estate | 7,804 | 15,299 |
Other, net | 35,903 | 8,456 |
Net cash used in investing activities | (1,913,845) | (2,689,794) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in deposits | 1,510,280 | 3,227,084 |
Net increase (decrease) in short-term borrowings | 77,715 | (807,977) |
Proceeds from the issuance of long-term debt | 22,388 | 166,425 |
Repayments of long-term debt | (153,365) | (230) |
Dividends paid | (72,046) | (71,620) |
Payroll tax remitted on net share settlement of equity awards | (1,298) | (1,639) |
Proceeds from exercise of stock options | 439 | |
Proceeds from dividend reinvestment and stock purchase plans | 2,940 | 3,098 |
Settlement of forward contract portion of accelerated share repurchase | 12,110 | |
Repurchase of shares | (2,509) | (12,716) |
Net cash provided by financing activities | 1,384,544 | 2,514,535 |
NET INCREASE IN CASH AND DUE FROM BANKS | 1,574 | 52,211 |
CASH AND DUE FROM BANKS, BEGINNING | 526,306 | 432,104 |
CASH AND DUE FROM BANKS, ENDING | 527,880 | 484,315 |
SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Assets acquired in settlement of loans | $ 2,623 | $ 5,459 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The consolidated financial statements include the accounts of Hancock Whitney Corporation and all other entities in which it has a controlling interest (the “Company”). The financial statements include all adjustments that are, in the opinion of management, necessary to fairly state the Company’s financial condition, results of operations, changes in stockholders’ equity and cash flows for the interim periods presented. The Company has also evaluated all subsequent events for potential recognition and disclosure through the date of the filing of this Quarterly Report on Form 10-Q. Some financial information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted in this Quarterly Report on Form 10-Q pursuant to Securities and Exchange Commission rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Financial information reported in these financial statements is not necessarily indicative of the Company’s financial condition, results of operations, or cash flows for any other interim or annual period. Certain prior period amounts have been reclassified to conform to the current period presentation. These changes in presentation did not have a material impact on the Company’s financial condition or operating results. Use of Estimates The accounting principles the Company follows and the methods for applying these principles conform to GAAP and general practices followed by the banking industry. These accounting principles require management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Accounting Policies There were no material changes or developments during the reporting period with respect to methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2020. Beginning in the second quarter of 2021, the Company enters into mandatory delivery forward sales contracts concurrently with interest rate lock commitments for select residential mortgage banking product offerings that are expected to be sold when funded. Previously, the Company only entered into forward sales agreements on a best-efforts basis and will now utilize both types of delivery methods. With mandatory delivery contracts, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. Forward loan sale commitments for the mandatory delivery contracts include the use of To Be Announced (“TBA”) securities to mitigate the risk of changes in value of the rate lock commitment. With the change in delivery method, the Company has elected the fair value option on funded residential mortgage loans originated for sale that are associated with forward sales contracts. For mortgage loans for which the Company has elected the fair value option, gains and losses are included in noninterest income within secondary mortgage market operations. For further discussion, see Note 6 – Derivatives and Note 14 – Fair Value Measurements. Refer to Note 15 – Recent Accounting Pronouncements for a discussion of accounting standards adopted during the nine months ended September 30, 2021 and the impact to the Company’s financial statements. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | 2. Securities The following tables set forth the amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities classified as available for sale and held to maturity at September 30, 2021 and December 31, 2020. Amortized cost of securities does not include accrued interest which is reflected in the accrued interest line item on the consolidated balance sheets totaling $25.0 million at September 30, 2021 and $24.4 million at December 31, 2020. September 30, 2021 December 31, 2020 Gross Gross Gross Gross Securities Available for Sale Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 394,069 $ 4,822 $ 4,169 $ 394,722 $ 207,365 $ 6,289 $ 284 $ 213,370 Municipal obligations 305,701 13,504 3,178 316,027 309,342 17,536 153 326,725 Residential mortgage-backed securities 3,256,700 39,681 42,988 3,253,393 2,560,249 69,570 8 2,629,811 Commercial mortgage-backed securities 2,838,584 81,615 35,766 2,884,433 2,323,306 135,516 3,288 2,455,534 Collateralized mortgage obligations 133,957 3,628 — 137,585 354,472 7,651 — 362,123 Corporate debt securities 14,500 263 2 14,761 11,500 264 — 11,764 $ 6,943,511 $ 143,513 $ 86,103 $ 7,000,921 $ 5,766,234 $ 236,826 $ 3,733 $ 5,999,327 September 30, 2021 December 31, 2020 Gross Gross Gross Gross Securities Held to Maturity Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ — $ — $ — $ — $ — $ — $ — $ — Municipal obligations 617,289 39,989 211 657,067 627,019 51,408 2 678,425 Residential mortgage-backed securities 47,330 985 243 48,072 21,951 1,469 — 23,420 Commercial mortgage-backed securities 573,854 36,614 350 610,118 549,686 54,587 — 604,273 Collateralized mortgage obligations 69,228 1,482 — 70,710 158,514 2,949 — 161,463 $ 1,307,701 $ 79,070 $ 804 $ 1,385,967 $ 1,357,170 $ 110,413 $ 2 $ 1,467,581 The following tables present the amortized cost and estimated fair value of debt securities available for sale and held to maturity at September 30, 2021 by contractual maturity. Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties and scheduled and unscheduled principal payments on mortgage-backed securities and collateralized mortgage obligations. Debt Securities Available for Sale Amortized Fair (in thousands) Cost Value Due in one year or less $ 2,290 $ 2,294 Due after one year through five years 636,212 670,865 Due after five years through ten years 2,805,443 2,839,375 Due after ten years 3,499,566 3,488,387 Total available for sale debt securities $ 6,943,511 $ 7,000,921 Debt Securities Held to Maturity Amortized Fair (in thousands) Cost Value Due in one year or less $ 11,226 $ 11,371 Due after one year through five years 336,328 354,897 Due after five years through ten years 548,812 587,548 Due after ten years 411,335 432,151 Total held to maturity securities $ 1,307,701 $ 1,385,967 The Company held no securities classified as trading at September 30, 2021 and December 31, 2020. The following table presents the proceeds from, gross gain on, and gross losses on sales of securities during the nine months ended September 30, 2021 and 2020. Nine Months Ended September 30, (in thousands) 2021 2020 Proceeds $ 198,681 $ 211,919 Gross gains 1,649 1,984 Gross losses 1,316 1,496 Net gain $ 333 $ 488 Securities with carrying values totaling $3.6 billion and $3.4 billion were pledged as collateral at September 30, 2021 and December 31, 2020, respectively, primarily to secure public deposits or securities sold under agreements to repurchase. Credit Quality The Company’s policy is to invest only in securities of investment grade quality. These investments are largely limited to U.S. agency securities and municipal securities. Management has concluded, based on the long history of no credit losses, that the expectation of nonpayment of the held to maturity securities carried at amortized cost is zero for securities that are backed by the full faith and credit of and/or guaranteed by the U.S. government. As such, no allowance for credit losses has been recorded for these securities. The municipal portfolio is analyzed separately for allowance for credit loss in accordance with the applicable guidance for each portfolio as noted below. At each reporting period, the Company evaluates credit impairment for individual securities available for sale whose fair value was below amortized cost with a more than inconsequential risk of default and where the Company had assessed whether the decline in fair value was significant enough to suggest a credit event occurred. There were no securities that met the criteria of a credit loss event and, therefore, no allowance for credit loss was recorded for either period presented. The fair value and gross unrealized losses for securities classified as available for sale with unrealized losses for the periods indicated follow. Available for Sale September 30, 2021 Losses < 12 months Losses 12 months or > Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Treasury and government agency securities $ 199,451 $ 2,712 $ 32,489 $ 1,457 $ 231,940 $ 4,169 Municipal obligations 43,297 2,098 25,243 1,080 68,540 3,178 Residential mortgage-backed securities 2,097,625 42,984 704 4 2,098,329 42,988 Commercial mortgage-backed securities 856,462 22,196 294,972 13,570 1,151,434 35,766 Collateralized mortgage obligations — — — — — — Corporate debt securities 2,998 2 — — 2,998 2 $ 3,199,833 $ 69,992 $ 353,408 $ 16,111 $ 3,553,241 $ 86,103 Available for Sale December 31, 2020 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ 35,845 284 $ — $ — $ 35,845 $ 284 Municipal obligations 30,170 153 — — 30,170 153 Residential mortgage-backed securities 530 2 760 6 1,290 8 Commercial mortgage-backed securities 446,190 3,288 — — 446,190 3,288 Collateralized mortgage obligations 70 — — — 70 — Corporate debt securities 2,000 — — — 2,000 — $ 514,805 $ 3,727 $ 760 $ 6 $ 515,565 $ 3,733 At each reporting period, the Company evaluates its held to maturity municipal obligation portfolio for credit loss using probability of default and loss given default models. The models are run using a long-term average probability of default migration and with a probability weighting of Moody’s economic forecasts. The economic forecasts are largely weighted to a baseline scenario with some weight given to one or more upside and/or downside scenarios. The resulting credit loss was negligible for both periods presented and no allowance for credit loss was recorded. The fair value and gross unrealized losses for securities classified as held to maturity with unrealized losses for the periods indicated follow. Held to maturity September 30, 2021 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ — $ — $ — $ — $ — $ — Municipal obligations 7,789 211 190 — 7,979 211 Residential mortgage-backed securities 7,821 243 — — 7,821 243 Commercial mortgage-backed securities 11,960 350 — — 11,960 350 Collateralized mortgage obligations 291 — — — 291 — $ 27,861 $ 804 $ 190 $ — $ 28,051 $ 804 Held to maturity December 31, 2020 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ — $ — $ — $ — $ — $ — Municipal obligations — — 2,381 2 2,381 2 Residential mortgage-backed securities — — — — — — Commercial mortgage-backed securities — — — — — — Collateralized mortgage obligations — — — — — — $ — $ — $ 2,381 $ 2 $ 2,381 $ 2 As of September 30, 2021 and December 31, 2020, the Company had 115 and 28 securities, respectively, with market values below their cost basis. None of the unrealized losses relate primarily to the marketability of the securities or the issuer’s ability to meet contractual obligations. In all cases, the indicated impairment on these debt securities would be recovered no later than the security’s maturity date or possibly earlier if the market price for the security increases with a reduction in the yield required by the market. The unrealized losses were deemed to be non-credit related at September 30, 2021 and December 31, 2020. The Company has adequate liquidity and, therefore does not plan to, and more likely than not, will not be required to liquidate these securities before recovery of the indicated impairment. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | 3. Loans and Allowance for Credit Losses The Company generally makes loans in its market areas of south and central Mississippi; southern and central Alabama; northwest, central and south Louisiana; the northern, central and panhandle regions of Florida; certain areas of east and northeast Texas, including Houston, Beaumont and Dallas; and Nashville, Tennessee. Loans, net of unearned income, by portfolio are presented at amortized cost basis in the table below. Amortized cost does not include accrued interest, which is reflected in the accrued interest line item in the Consolidated Balance Sheets, totaling $70.5 million and $76.2 million at September 30, 2021 and December 31, 2020, respectively. Included in commercial non-real estate loans at September 30, 2021 and December 31, 2020 was $935.3 million and $2.0 billion, respectively, of Paycheck Protection Program loans, described in more detail below. The following table presents loans, net of unearned income, by portfolio class at September 30, 2021 and December 31, 2020. September 30, December 31, (in thousands) 2021 2020 Commercial non-real estate $ 9,416,990 $ 9,986,983 Commercial real estate - owner occupied 2,812,926 2,857,445 Total commercial and industrial 12,229,916 12,844,428 Commercial real estate - income producing 3,467,939 3,357,939 Construction and land development 1,213,991 1,065,057 Residential mortgages 2,351,053 2,665,212 Consumer 1,623,116 1,857,295 Total loans $ 20,886,015 $ 21,789,931 The following briefly describes the composition of each loan category and portfolio class. Commercial and industrial Commercial and industrial loans are made available to businesses for working capital (including financing of inventory and receivables), business expansion, to facilitate the acquisition of a business, and the purchase of equipment and machinery, including equipment leasing. These loans are primarily made based on the identified cash flows of the borrower and, when secured, have the added strength of the underlying collateral. Commercial non-real estate loans may be secured by the assets being financed or other tangible or intangible business assets such as accounts receivable, inventory, ownership, enterprise value or commodity interests, and may incorporate a personal or corporate guarantee; however, some short-term loans may be made on an unsecured basis, including a small portfolio of corporate credit cards, generally issued as a part of overall customer relationships. Commercial non-real estate loans also include loans made under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). PPP loans are guaranteed by the SBA and are forgivable to the debtor upon satisfaction of certain criteria. The loans bear interest at 1% per annum and have two or five year terms, depending on the date of origination. These loans also earn an origination fee of 1%, 3%, or 5%, depending on the loan size; this origination fee is deferred and amortized over the estimated life of the loan using the effective yield method. Commercial real estate – owner occupied loans consist of commercial mortgages on properties where repayment is generally dependent on the cash flow from the ongoing operations and activities of the borrower. Like commercial non-real estate, these loans are primarily made based on the identified cash flows of the borrower, but also have the added strength of the value of underlying real estate collateral. Commercial real estate – income producing Commercial real estate – income producing loans consist of loans secured by commercial mortgages on properties where the loan is made to real estate developers or investors and repayment is dependent on the sale, refinance, or income generated from the operation of the property. Properties financed include retail, office, multifamily, senior housing, hotel/motel, skilled nursing facilities and other commercial properties. Construction and land development Construction and land development loans are made to facilitate the acquisition, development, improvement and construction of both commercial and residential-purpose properties. Such loans are made to builders and investors where repayment is expected to be made from the sale, refinance or operation of the property or to businesses to be used in their business operations. This portfolio also includes residential construction loans and loans secured by raw land not yet under development. Residential mortgages Residential mortgages consist of closed-end loans secured by first liens on 1- 4 family residential properties. The portfolio includes both fixed and adjustable rate loans, although most longer term, fixed rate loans originated are sold in the secondary mortgage market. Consumer Consumer loans include second lien mortgage home loans, home equity lines of credit and nonresidential consumer purpose loans. Nonresidential consumer loans include both direct and indirect loans. Direct nonresidential consumer loans are made to finance the purchase of personal property, including automobiles, recreational vehicles and boats, and for other personal purposes (secured and unsecured), and deposit account secured loans. Indirect nonresidential consumer loans include automobile financing provided to the consumer through an agreement with automobile dealerships, though the Company is no longer engaged in this type of lending and the remaining portfolio is in runoff. Consumer loans also include a small portfolio of credit card receivables issued on the basis of applications received through referrals from the Bank’s branches, online and other marketing efforts. Allowance for Credit Losses The following tables present activity in the allowance for credit losses (ACL) by portfolio class for the nine months ended September 30, 2021 and 2020, as well as the corresponding recorded investment in loans at the end of each period. Effective January 1, 2020, the Company adopted the provisions of Accounting Standards Codification (ASC) 326, “Financial Instruments – Credit Losses,” using a modified retrospective basis. ASC 326, commonly referred to as CECL, prescribed a change in computing allowance for credit losses from an incurred methodology to a life of loan methodology. The difference between the December 31, 2019 incurred allowance and the CECL allowance is reflected as a cumulative effect of change in accounting principle in the ACL activity for the nine months ended September 30, 2020. Commercial Total Commercial Commercial real estate- commercial real estate- Construction non-real owner and income and land Residential (in thousands) estate occupied industrial producing development mortgages Consumer Total Nine Months Ended September 30, 2021 Allowance for credit losses Allowance for loan losses: Beginning balance $ 149,693 $ 69,134 $ 218,827 $ 109,474 $ 26,462 $ 48,842 $ 46,572 $ 450,177 Charge-offs (32,369 ) (1,722 ) (34,091 ) (231 ) (267 ) (218 ) (9,874 ) (44,681 ) Recoveries 6,579 363 6,942 100 1,548 933 4,636 14,159 Net provision for loan losses (17,594 ) (10,642 ) (28,236 ) 11,752 (5,167 ) (18,484 ) (7,999 ) (48,134 ) Ending balance - allowance for loan losses $ 106,309 $ 57,133 $ 163,442 $ 121,095 $ 22,576 $ 31,073 $ 33,335 $ 371,521 Reserve for unfunded lending commitments: Beginning balance $ 4,529 $ 381 $ 4,910 $ 1,099 $ 22,694 $ 19 $ 1,185 $ 29,907 Provision for losses on unfunded commitments (176 ) (131 ) (307 ) 124 (383 ) (8 ) (387 ) (961 ) Ending balance - reserve for unfunded lending commitments 4,353 250 4,603 1,223 22,311 11 798 28,946 Total allowance for credit losses $ 110,662 $ 57,383 $ 168,045 $ 122,318 $ 44,887 $ 31,084 $ 34,133 $ 400,467 Allowance for loan losses: Individually evaluated $ 113 $ 33 $ 146 $ 20 $ 20 $ 447 $ 202 $ 835 Collectively evaluated 106,196 57,100 163,296 121,075 22,556 30,626 33,133 370,686 Allowance for loan losses $ 106,309 $ 57,133 $ 163,442 $ 121,095 $ 22,576 $ 31,073 $ 33,335 $ 371,521 Reserve for unfunded lending commitments: Individually evaluated $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 4,353 250 4,603 1,223 22,311 11 798 28,946 Reserve for unfunded lending commitments: $ 4,353 $ 250 $ 4,603 $ 1,223 $ 22,311 $ 11 $ 798 $ 28,946 Total allowance for credit losses $ 110,662 $ 57,383 $ 168,045 $ 122,318 $ 44,887 $ 31,084 $ 34,133 $ 400,467 Loans: Individually evaluated $ 5,929 $ 5,618 $ 11,547 $ 4,004 $ 127 $ 5,083 $ 1,315 $ 22,076 Collectively evaluated 9,411,061 2,807,308 12,218,369 3,463,935 1,213,864 2,345,970 1,621,801 20,863,939 Total loans $ 9,416,990 $ 2,812,926 $ 12,229,916 $ 3,467,939 $ 1,213,991 $ 2,351,053 $ 1,623,116 $ 20,886,015 Commercial Total Commercial Commercial real estate- commercial real estate- Construction non-real owner and income and land Residential (in thousands) estate occupied industrial producing development mortgages Consumer Total Nine Months Ended September 30, 2020 Allowance for credit losses Allowance for loan losses: Beginning balance $ 106,432 $ 10,977 $ 117,409 $ 20,869 $ 9,350 $ 20,331 $ 23,292 $ 191,251 Cumulative effect of change in accounting principle (244 ) 14,877 14,633 7,287 7,478 12,921 7,092 49,411 Charge-offs (364,123 ) (1,828 ) (365,951 ) (2,211 ) (7 ) (170 ) (13,640 ) (381,979 ) Recoveries 4,831 659 5,490 46 549 1,078 4,360 11,523 Net provision for loan losses 401,155 41,336 442,491 78,661 12,325 17,613 27,378 578,468 Ending balance - allowance for loan losses $ 148,051 $ 66,021 $ 214,072 $ 104,652 $ 29,695 $ 51,773 $ 48,482 $ 448,674 Reserve for unfunded lending commitments: Beginning balance $ 3,974 $ — $ 3,974 $ — $ — $ — $ — $ 3,974 Cumulative effect of change in accounting principle 5,772 288 6,060 449 15,658 17 5,146 27,330 Provision for losses on unfunded commitments (3,786 ) 187 (3,599 ) 1,599 6,046 (11 ) (3,813 ) 222 Ending balance - reserve for unfunded lending commitments 5,960 475 6,435 2,048 21,704 6 1,333 31,526 Total allowance for credit losses $ 154,011 $ 66,496 $ 220,507 $ 106,700 $ 51,399 $ 51,779 $ 49,815 $ 480,200 Allowance for loan losses: Individually evaluated for impairment $ 27,304 $ 1,344 $ 28,648 $ 24 $ 169 $ 416 $ 456 $ 29,713 Collectively evaluated for impairment 120,747 64,677 185,424 104,628 29,526 51,357 48,026 418,961 Allowance for loan losses $ 148,051 $ 66,021 $ 214,072 $ 104,652 $ 29,695 $ 51,773 $ 48,482 $ 448,674 Reserve for unfunded lending commitments: Individually evaluated $ 992 $ — $ 992 $ — $ — $ — $ 5 $ 997 Collectively evaluated 4,968 475 5,443 2,048 21,704 6 1,328 30,529 Reserve for unfunded lending commitments: 5,960 475 6,435 2,048 21,704 6 1,333 31,526 Total allowance for credit losses $ 154,011 $ 66,496 $ 220,507 $ 106,700 $ 51,399 $ 51,779 $ 49,815 $ 480,200 Loans: Individually evaluated for impairment $ 73,139 $ 11,124 $ 84,263 $ 5,549 $ 1,837 $ 6,064 $ 3,924 $ 101,637 Collectively evaluated for impairment 10,184,649 2,768,283 12,952,932 3,401,005 1,094,312 2,748,324 1,941,994 22,138,567 Total loans $ 10,257,788 $ 2,779,407 $ 13,037,195 $ 3,406,554 $ 1,096,149 $ 2,754,388 $ 1,945,918 $ 22,240,204 The calculation of the allowance for credit losses is performed using two primary approaches: a collective approach for pools of loans that have similar risk characteristics using a loss rate analysis, and a specific reserve analysis for credits individually evaluated. The allowance for credit losses was developed using multiple Moody’s Analytics (“Moody’s) macroeconomic forecasts applied to internally developed credit models for a two year reasonable and supportable period. In the calculation of the September 30, 2021 allowance, the Company weighted the September 2021 baseline economic forecast, which Moody’s defines as the “most likely outcome” based on current conditions and its view of where the economy is headed, at 50%. The September 2021 baseline scenario assumes: (1) coronavirus herd resiliency was achieved in late August 2021, with infection abatement in November 2021; (2) no new widespread economic shutdowns will occur in response to virus outbreaks; (3) the unemployment rate continues to decline, with fourth quarter 2021 averaging 4.5%, and full year 2021, 2022 and 2023 rates averaging 5.5%, 3.6% and 3.5%, respectively; (4) gross domestic product will increase an average of 6.0% in 2021, 4.3% in 2022 and 2.3% in 2023; (5) the Build Back Better infrastructure and social legislation package, forecasted to be passed in late 2021 at $2.5 trillion, will provide an additional boost to the economy; and (6) the Federal Reserve will continue to respond to the economic impact of COVID-19 by maintaining rates at or near zero until the first quarter of 2023. The downside scenario S-2 was weighted at 50% to incorporate a reasonably possible alternative economic outcome. The S-2 scenario reflects a slower economic recovery as compared to the baseline, with key assumptions that include a delay in infection abatement, continued supply chain disruptions, a scaled back stimulus package resulting in less of a rise in real consumer spending and a . Nonaccrual loans and loans modified in troubled debt restructurings The following table shows the composition of nonaccrual loans and those without an allowance for loan loss, by portfolio class. September 30, December 31, 2021 2020 (in thousands) Total nonaccrual Nonaccrual without allowance for loan loss Total nonaccrual Nonaccrual without allowance for loan loss Commercial non-real estate $ 9,948 $ 5,449 $ 52,836 $ 15,268 Commercial real estate - owner occupied 6,720 5,379 13,856 7,038 Total commercial and industrial 16,668 10,828 66,692 22,306 Commercial real estate - income producing 4,249 3,922 6,743 — Construction and land development 1,238 — 2,486 1,116 Residential mortgages 25,964 1,598 40,573 1,705 Consumer 12,238 250 23,385 — Total loans $ 60,357 $ 16,598 $ 139,879 $ 25,127 Nonaccrual loans include nonaccruing loans modified in troubled debt restructurings (“TDRs”) of $7.2 million and $21.6 million at September 30, 2021 and December 31, 2020, respectively. Total TDRs, both accruing and nonaccruing, were $10.3 million at September 30, 2021 and $25.8 million at December 31, 2020. All TDRs are individually evaluated for credit loss. At September 30, 2021, the Company had no unfunded commitments to borrowers whose loan terms have been modified in a TDR and $4.6 million at December 31, 2020. The tables below detail by portfolio class TDRs that were modified during the three and nine months ended September 30, 2021 and 2020. All such loans are individually evaluated for credit loss. Three Months Ended ($ in thousands) September 30, 2021 September 30, 2020 Troubled Debt Restructurings: Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial non-real estate — $ — $ — — $ — $ — Commercial real estate - owner occupied — — — — — — Total commercial and industrial — — — — — — Commercial real estate - income producing — — — — — — Construction and land development — — — — — — Residential mortgages 1 196 196 5 1,358 1,358 Consumer — — — 2 25 25 Total loans 1 $ 196 $ 196 7 $ 1,383 $ 1,383 Nine Months Ended ($ in thousands) September 30, 2021 September 30, 2020 Pre- Modification Post- Modification Pre- Modification Post- Modification Number Outstanding Outstanding Number Outstanding Outstanding of Recorded Recorded of Recorded Recorded Troubled Debt Restructurings: Contracts Investment Investment Contracts Investment Investment Commercial non-real estate 3 $ 6,935 $ 6,935 3 $ 745 $ 745 Commercial real estate - owner occupied — — — — — — Total commercial and industrial 3 6,935 6,935 3 745 745 Commercial real estate - income producing — — — — — — Construction and land development — — — 1 15 15 Residential mortgages 3 515 538 14 3,424 3,424 Consumer 4 86 86 7 89 89 Total loans 10 $ 7,536 $ 7,559 25 $ 4,273 $ 4,273 The TDRs modified during the nine months ended September 30, 2021 reflected in the table above include $7.1 million of loans with extended amortization terms or other payment concessions and $0.5 million of loans with other modifications. The TDRs modified during the nine months ended September 30, 2020 include $0.7 million of loans with extended amortization terms or other payment concessions, $1.1 million with reduced interest rates, $0.4 million with significant covenant waivers, and $2.1 million with other modifications. One residential mortgage loan totaling $0.6 million that defaulted during the nine months ended September 30, 2021 had been modified in a TDR during the twelve months prior to default. The TDR disclosures above do not include loans eligible for exclusion from TDR assessment under Section 4013 of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). Loans modified under the CARES Act are reported in the aging analysis that follows based on the modified terms. Aging Analysis The tables below present the aging analysis of past due loans by portfolio class at September 30, 2021 and December 31, 2020. September 30, 2021 30-59 days past due 60-89 days past due Greater than 90 days past due Total past due Current Total Loans Recorded investment > 90 days and still accruing (in thousands) Commercial non-real estate $ 5,623 $ 2,100 $ 14,568 $ 22,291 $ 9,394,699 $ 9,416,990 $ 7,228 Commercial real estate - owner occupied 5,761 762 1,548 8,071 2,804,855 2,812,926 142 Total commercial and industrial 11,384 2,862 16,116 30,362 12,199,554 12,229,916 7,370 Commercial real estate - income producing 1,175 1,474 5,441 8,090 3,459,849 3,467,939 1,346 Construction and land development 369 733 1,035 2,137 1,211,854 1,213,991 57 Residential mortgages 3,799 5,579 17,567 26,945 2,324,108 2,351,053 254 Consumer 13,750 3,108 7,331 24,189 1,598,927 1,623,116 943 Total $ 30,477 $ 13,756 $ 47,490 $ 91,723 $ 20,794,292 $ 20,886,015 $ 9,970 December 31, 2020 30-59 days past due 60-89 days past due Greater than 90 days past due Total past due Current Total Loans Recorded investment > 90 days and still accruing (in thousands) Commercial non-real estate $ 7,963 $ 2,564 $ 39,530 $ 50,057 $ 9,936,926 $ 9,986,983 $ 583 Commercial real estate - owner occupied 1,525 753 13,663 15,941 2,841,504 2,857,445 955 Total commercial and industrial 9,488 3,317 53,193 65,998 12,778,430 12,844,428 1,538 Commercial real estate - income producing 1,494 798 5,744 8,036 3,349,903 3,357,939 182 Construction and land development 4,168 284 2,001 6,453 1,058,604 1,065,057 — Residential mortgages 29,319 9,858 27,886 67,063 2,598,149 2,665,212 912 Consumer 12,215 5,012 11,714 28,941 1,828,354 1,857,295 729 Total $ 56,684 $ 19,269 $ 100,538 $ 176,491 $ 21,613,440 $ 21,789,931 $ 3,361 Credit Quality Indicators The following tables present the credit quality indicators by segment and portfolio class of loans held for investment at September 30, 2021 and December 31, 2020. The Company routinely assesses the ratings of loans in its portfolio through an established and comprehensive portfolio management process. In addition, the Company often examines portfolios of loans to determine if there are areas of risk not specifically identified in its loan by loan approach. September 30, 2021 (in thousands) Commercial non-real estate Commercial real estate - owner- occupied Total commercial and industrial Commercial real estate - income producing Construction and land development Total commercial Grade: Pass $ 9,032,981 $ 2,659,738 $ 11,692,719 $ 3,363,503 $ 1,190,718 $ 16,246,940 Pass-Watch 204,260 68,660 272,920 79,328 19,048 371,296 Special Mention 46,263 24,878 71,141 4,739 1,887 77,767 Substandard 133,486 59,650 193,136 20,369 2,338 215,843 Doubtful — — — — — — Total $ 9,416,990 $ 2,812,926 $ 12,229,916 $ 3,467,939 $ 1,213,991 $ 16,911,846 December 31, 2020 (in thousands) Commercial non-real estate Commercial real estate - owner- occupied Total commercial and industrial Commercial real estate - income producing Construction and land development Total commercial Grade: Pass $ 9,439,264 $ 2,641,423 $ 12,080,687 $ 3,219,155 $ 1,033,060 $ 16,332,902 Pass-Watch 314,739 114,358 429,097 89,968 22,820 541,885 Special Mention 79,613 46,239 125,852 5,989 5,751 137,592 Substandard 153,367 55,425 208,792 42,827 3,426 255,045 Doubtful — — — — — — Total $ 9,986,983 $ 2,857,445 $ 12,844,428 $ 3,357,939 $ 1,065,057 $ 17,267,424 September 30, 2021 December 31, 2020 (in thousands) Residential mortgage Consumer Total Residential mortgage Consumer Total Performing $ 2,323,682 $ 1,609,813 $ 3,933,495 $ 2,622,422 $ 1,832,885 $ 4,455,307 Nonperforming 27,371 13,303 40,674 42,790 24,410 67,200 Total $ 2,351,053 $ 1,623,116 $ 3,974,169 $ 2,665,212 $ 1,857,295 $ 4,522,507 Below are the definitions of the Company’s internally assigned grades: Commercial: • Pass – loans properly approved, documented, collateralized, and performing which do not reflect an abnormal credit risk. • Pass-Watch – credits in this category are of sufficient risk to cause concern. This category is reserved for credits that display negative performance trends. The “Watch” grade should be regarded as a transition category. • Special Mention – a criticized asset category defined as having potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the credit or the institution’s credit position. Special mention credits are not considered part of the Classified credit categories and do not expose the institution to sufficient risk to warrant adverse classification. • Substandard – an asset that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. • Doubtful – an asset that has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. • Loss – credits classified as Loss are considered uncollectable and are charged off promptly once so classified. Residential and Consumer: • Performing – accruing loans that have not been modified in a troubled debt restructuring. • Nonperforming – loans for which there are good reasons to doubt that payments will be made in full. All loans with nonaccrual status and all loans that have been modified in a troubled debt restructuring are classified as nonperforming. Vintage Analysis The following table presents credit quality disclosures of amortized cost by segment and vintage for term loans and by revolving and revolving converted to amortizing at September 30, 2021. The Company defines vintage as the later of origination, renewal or restructure date. Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Commercial Loans: Pass $ 3,916,476 $ 3,333,009 $ 2,308,701 $ 1,374,599 $ 1,105,917 $ 1,520,061 $ 2,582,321 $ 105,856 $ 16,246,940 Pass-Watch 40,835 59,789 71,484 31,238 22,528 82,569 47,600 15,253 371,296 Special Mention 15,346 3,105 6,857 11,061 19,648 8,613 11,841 1,296 77,767 Substandard 26,982 51,212 38,745 17,302 27,220 22,332 25,384 6,666 215,843 Doubtful — — — — — — — — — Total Commercial Loans $ 3,999,639 $ 3,447,115 $ 2,425,787 $ 1,434,200 $ 1,175,313 $ 1,633,575 $ 2,667,146 $ 129,071 $ 16,911,846 Residential Mortgage and Consumer Loans: Performing $ 330,316 $ 461,269 $ 401,774 $ 265,787 $ 367,106 $ 973,576 $ 1,128,048 $ 5,619 $ 3,933,495 Nonperforming 433 1,101 1,902 3,599 5,614 25,114 1,424 1,487 40,674 Total Consumer Loans $ 330,749 $ 462,370 $ 403,676 $ 269,386 $ 372,720 $ 998,690 $ 1,129,472 $ 7,106 $ 3,974,169 Residential Mortgage Loans in Process of Foreclosure Loans in process of foreclosure include those for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction. Included in loans at September 30, 2021 and December 31, 2020 was $6.1 million and $17.2 million, respectively, of consumer loans secured by single family residential real estate that were in process of foreclosure. In addition to the single family residential real estate loans in process of foreclosure, the Company also held $4.0 million and $3.4 million of foreclosed single family residential properties in other real estate owned at September 30, 2021 and December 31, 2020, respectively. Loans Held for Sale Loans held for sale is composed primarily of mortgage loans originated for sale in the secondary market. |
Securities Sold under Agreement
Securities Sold under Agreements to Repurchase | 9 Months Ended |
Sep. 30, 2021 | |
Brokers And Dealers [Abstract] | |
Securities Sold under Agreements to Repurchase | 4. Securities Sold under Agreements to Repurchase Included in short-term borrowings are securities sold under agreements to repurchase that mature daily and are secured by U.S. agency securities totaling $643.4 million and $567.2 million at September 30, 2021 and December 31, 2020, respectively. The Company borrows funds on a secured basis by selling securities under agreements to repurchase, mainly in connection with treasury management services offered to its deposit customers. As the Company maintains effective control over assets sold under agreements to repurchase, the securities continue to be carried on the consolidated statements of financial condition. Because the Company acts as borrower transferring assets to the counterparty, and the agreements mature daily, the Company’s risk is limited. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 5. Long Term Debt At September 30, 2021 and December 31, 2020, long-term debt was comprised of the following: September 30, December 31, (in thousands) 2021 2020 Subordinated notes payable, maturing June 2045 $ — $ 150,000 Subordinated notes payable, maturing June 2060 172,500 172,500 Other long-term debt 81,385 66,062 Less: unamortized debt issuance costs (5,874 ) (10,240 ) Total long-term debt $ 248,011 $ 378,322 The following table sets forth unamortized debt issuance costs associated with the respective debt instruments at September 30, 2021: Unamortized Debt Issuance (in thousands) Principal Costs Subordinated notes payable, maturing June 2060 $ 172,500 $ 5,874 Other long-term debt 81,385 — Total $ 253,885 $ 5,874 On June 15, 2021, the Company redeemed in full its 5.95% $150 million subordinated notes due 2045. The notes were redeemed at 100% of principal plus accrued and unpaid interest therein. Loss on extinguishment of debt included in other noninterest expense totaling $4.2 million represents the disposal of unamortized loan costs associated with the original issuance of the notes. On June 9, 2020, the Company completed the issuance of subordinated notes payable with an aggregate principal amount of $172.5 million with a stated maturity of June 15, 2060. The notes accrue interest at a fixed rate of 6.25% per annum, with quarterly interest payments that began September 15, 2020. Subject to prior approval by the Federal Reserve, the Company may redeem the notes in whole or in part on any interest payment date on or after June 15, 2025. This debt qualifies as tier 2 capital in the calculation of certain regulatory capital ratios. Substantially all of the Company’s other long-term debt consists of borrowings associated with tax credit fund activities. Although these borrowings have indicated maturities through 2050, each is expected to be satisfied at the end of the seven-year |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | 6. Derivatives Risk Management Objective of Using Derivatives The Company enters into derivative financial instruments to manage risks related to differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments. The Bank also entered into interest rate derivative agreements as a service to certain qualifying customers. The Bank manages a matched book with respect to these customer derivatives in order to minimize its net interest rate risk exposure resulting from such agreements. In addition, the Bank also enters into risk participation agreements under which it may either sell or buy credit risk associated with a customer’s performance under certain interest rate derivative contracts related to loans in which participation interests have been sold to or purchased from other banks. Fair Values of Derivative Instruments on the Balance Sheet The table below presents the notional or contractual amounts and fair values of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets at September 30, 2021 and December 31, 2020. September 30, 2021 December 31, 2020 Derivative (1) Derivative (1) (in thousands) Type of Hedge Notional or Contractual Amount Assets Liabilities Notional or Contractual Amount Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps - variable rate loans Cash Flow $ 1,025,000 $ 9,731 $ 867 $ 1,175,000 $ 50,962 $ — Interest rate swaps - securities Fair Value 1,608,150 28,629 7,742 1,158,150 6,686 18,920 2,633,150 38,360 8,609 2,333,150 57,648 18,920 Derivatives not designated as hedging instruments: Interest rate swaps N/A 5,174,836 96,176 95,297 4,806,258 145,517 148,778 Risk participation agreements N/A 218,947 2 5 216,511 35 108 Interest rate-lock commitments on residential mortgage loans N/A 108,155 2,038 — 206,258 1,793 14 Forward commitments to sell residential mortgage loans N/A 67,476 — 1,010 310,458 19 3,211 To Be Announced (TBA) securities N/A 74,000 318 18 — — — Foreign exchange forward contracts N/A 62,806 1,250 1,114 58,822 2,816 2,785 Visa Class B derivative contract N/A 43,565 — 4,472 43,565 — 5,645 5,749,785 99,784 101,916 5,641,872 150,180 160,541 Total derivatives $ 8,382,935 $ 138,144 $ 110,525 $ 7,975,022 $ 207,828 $ 179,461 Less: netting adjustment (2) (39,988 ) (70,817 ) (57,648 ) (124,204 ) Total derivative assets/liabilities $ 98,156 $ 39,708 $ 150,180 $ 55,257 (1) Derivative assets and liabilities are reported at fair value in other assets or other liabilities, respectively, in the consolidated balance sheets. ( 2 ) Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. Cash Flow Hedges of Interest Rate Risk The Company is party to various interest rate swap agreements designated and qualifying as cash flow hedges of the Company’s forecasted variable cash flows for pools of variable rate loans. For each agreement, the Company receives interest at a fixed rate and pays at a variable rate . Fair Interest rate swaps on securities available for sale The Company is party to forward-starting fixed payer swaps that convert the latter portion of the term of certain available for sale securities to a floating rate. These derivative instruments are designated as fair value hedges of interest rate risk. This strategy provides the Company with a fixed rate coupon during the front-end unhedged tenor of the bonds and results in a floating rate security during the back-end hedged tenor with hedged start dates between August 2023 through August 2025, and maturity dates from December 2027 through March 2032. The fair value of the hedged item attributable to interest rate risk will be presented in interest income along with the change in the fair value of the hedging instrument. The majority of the hedged available for sale securities is a closed portfolio of pre - payable commercial mortgage back ed securities. In accordance with ASC 815, prepayment risk may be excluded when measuring the change in fair value of such hedged items attributable to interest rate risk under the last-of-layer approach. At September 30, 2021 , the amortized cost basis of the closed portfolio of pre - payable commercial mortgage backed securities totaled $ 1.7 b illion. The amount that represents the hedged items was $ b illion and the basis adjustment associated with the hedged items totaled $ 21.0 million. Derivatives Not Designated as Hedges Customer interest rate derivative program The Bank enters into interest rate derivative agreements, primarily rate swaps, with commercial banking customers to facilitate their risk management strategies. The Bank enters into offsetting agreements with unrelated financial institutions, thereby mitigating its net risk exposure resulting from such transactions. Because the interest rate derivatives associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. Risk participation agreements The Bank also enters into risk participation agreements under which it may either assume or sell credit risk associated with a borrower’s performance under certain interest rate derivative contracts. In those instances where the Bank has assumed credit risk, it is not a direct counterparty to the derivative contract with the borrower and has entered into the risk participation agreement because it is a party to the related loan agreement with the borrower. In those instances in which the Bank has sold credit risk, it is the sole counterparty to the derivative contract with the borrower and has entered into the risk participation agreement because other banks participate in the related loan agreement. The Bank manages its credit risk under risk participation agreements by monitoring the creditworthiness of the borrower, based on the Bank’s normal credit review process. Mortgage banking derivatives The Bank also enters into certain derivative agreements as part of its mortgage banking activities. These agreements include interest rate lock commitments on prospective residential mortgage loans and forward commitments to sell loans to investors on either a best efforts or a mandatory delivery basis. The Company uses these forward sales commitments, which may include To Be Announced (“TBA”) security contracts, on the open market to protect the value of its rate locks and mortgage loans held for sale from changes in interest rates and pricing between the origination of the rate lock and the final sale of these loans. These instruments meet the definition of derivative financial instruments and are reflected in other assets and other liabilities in the Consolidated Balance Sheets, with changes to the fair value recorded in noninterest income within the secondary mortgage market operations line item in the Consolidated Statements of Income. The loans sold on a mandatory basis commit the Company to deliver a specific principal amount of mortgage loans to an investor at a specified price, by a specified date. If the Company fails to deliver the amount of mortgages necessary to fulfill the commitment by the specified date, we may be obligated to pay a pair-off fee, based on then-current market prices, to the investor/counterparty to compensate the investor for the shortfall. Mandatory delivery forward commitments include TBA security contracts on the open market to provide protection against changes in interest rates on the locked mortgage pipeline. The Company expects that mandatory delivery contracts, including TBA security contracts, will experience changes in fair value opposite to the changes in the fair value of derivative loan commitments. Certain assumptions, including pull through rates and rate lock periods, are used in managing the existing and future hedges. The accuracy of underlying assumptions could impact the ultimate effectiveness of any hedging strategies. Forward commitments under best effort contracts commit the Company to deliver a specific individual mortgage loan to an investor if the loan to the underlying borrower closes. Generally, best efforts cash contracts have no pair-off risk regardless of market movement. The price the investor will pay the seller for an individual loan is specified prior to the loan being funded, generally the same day the Company enters into the interest rate lock commitment with the potential borrower. The Company expects that these best efforts forward loan sale commitments will experience a net neutral shift in fair value with related derivative loan commitments. At the closing of the loan, the rate lock commitment derivative expires and the Company records a loan held for sale at fair value under the election of fair value option. Customer foreign exchange forward contract derivatives The Company enters into foreign exchange forward derivative agreements, primarily forward foreign currency contracts, with commercial banking customers to facilitate their risk management strategies. The Bank manages its risk exposure from such transactions by entering into offsetting agreements with unrelated financial institutions. The Bank has not elected to designate these foreign exchange forward contract derivatives as hedges; as such, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. Visa Class B derivative contract The Company is a member of Visa USA. During the fourth quarter of 2018, the Company sold the majority of its Visa Class B holdings, at which time it entered into a derivative agreement with the purchaser whereby the Company will make or receive cash payments whenever the conversion ratio of the Visa Class B shares into Visa Class A shares is adjusted. The conversion ratio changes when Visa deposits funds to a litigation escrow account established by Visa to pay settlements for certain litigation, for which Visa is indemnified by Visa USA members. The Company is also required to make periodic financing payments to the purchaser until all of Visa’s covered litigation matters are resolved. Thus, the derivative contract extends until the end of Visa’s covered litigation matters, the timing of which is uncertain. The contract includes a contingent accelerated termination clause based on the credit ratings of the Company. At September 30, 2021 and December 31, 2020, the fair value of the liability associated with this contract was $4.5 million and $5.6 million, respectively. Refer to Note 14 – Fair Value of Financial Instruments for discussion of the valuation inputs and process for this derivative liability. Effect of Derivative Instruments on the The effects of derivative instruments on the consolidated statements of income for the three and nine months ended September 30, 2021 and 2020 are presented in the table below. Interest income attributable to cash flow hedges includes amortization of accumulated other comprehensive income or loss that resulted from termination of certain interest rate swap contracts. Three Months Ended Nine Months Ended September 30, September 30, Derivative Instruments: Location of Gain (Loss) Recognized in the Statements of Income: 2021 2020 2021 2020 Cash flow hedges: Variable rate loans Interest income - loans $ 6,950 $ 5,788 $ 19,941 $ 11,249 Fair value hedges: Securities Interest income - securities - taxable 21 (7 ) (6 ) 33 Securities - termination Noninterest income - securities transactions, net — — 2,499 — Brokered deposits Interest expense - deposits — — — 46 Derivatives not designated as hedging: Residential mortgage banking Noninterest income - secondary mortgage market operations (1,249 ) — 2,223 — Customer and all other instruments Noninterest income - other noninterest income 2,970 1,739 11,755 9,718 Total gain $ 8,692 $ 7,520 $ 36,412 $ 21,046 Credit Risk-Related Contingent Features Certain of the Bank’s derivative instruments contain provisions allowing the financial institution counterparty to terminate the contracts in certain circumstances, such as a downgrade of the Bank’s credit ratings below specified levels, a default by the Bank on its indebtedness, or the failure of the Bank to maintain specified minimum regulatory capital ratios or its regulatory status as a well-capitalized institution. These derivative agreements also contain provisions regarding the posting of collateral by each party. At September 30, 2021, the Company was not in violation of any such provisions. The aggregate fair value of derivative instruments with credit risk-related contingent features that were in a net liability position at September 30, 2021 and December 31, 2020 was $56.9 million and Offsetting Assets and Liabilities The Bank’s derivative instruments with certain counterparties contain legally enforceable netting provisions that allow for net settlement of multiple transactions to a single amount, which may be positive, negative, or zero. Agreements with certain bilateral counterparties require both parties to maintain collateral in the event that the fair values of derivative instruments exceed established exposure thresholds. For centrally cleared derivatives, the Company is subject to initial margin posting and daily variation margin exchange with the central clearinghouses. Offsetting information in regards to all derivative assets and liabilities, including accrued interest, subject to these master netting agreements at September 30, 2021 and December 31, 2020 is presented in the following tables. (in thousands) Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Financial Condition Gross Amounts Recognized Offset in the Statement of Financial Condition Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Net Amount September 30, 2021 Derivative Assets $ 46,013 $ (41,102 ) $ 4,911 $ 4,911 $ — $ — Derivative Liabilities $ 101,940 $ (72,835 ) $ 29,105 $ 4,911 $ 69,668 $ (45,474 ) (in thousands) Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Financial Condition Gross Amounts Recognized Offset in the Statement of Financial Condition Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Net Amount December 31, 2020 Derivative Assets 61,529 $ (58,660 ) $ 2,869 $ 2,869 $ — $ — Derivative Liabilities 171,275 $ (126,434 ) $ 44,841 $ 2,869 $ 90,312 $ (48,340 ) The Company has excess collateral compared to total exposure due to initial margin requirements for day-to-day rate volatility. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity Common Shares Outstanding Common shares outstanding excludes treasury shares totaling 4.6 million at September 30, 2021 and 4.5 million at December 31, 2020, with a first-in-first-out cost basis of $151.3 million and $150.7 million at September 30, 2021 and December 31, 2020, respectively. Shares outstanding also excludes unvested restricted share awards totaling 1.6 million and Stock Buyback Program On April 22, 2021, the Company’s board of directors approved a stock buyback program whereby the Company is authorized to repurchase up to 4.3 million shares of its common stock through the program’s expiration date of December 31, 2022. The program allows the Company to repurchase its common shares in the open market, by block purchase, through accelerated share repurchase programs, in privately negotiated transactions, or otherwise, in one or more transactions. The Company is not obligated to purchase any shares under this program, and the board of directors has the ability to terminate or amend the program at any time prior to the expiration date. During the third quarter of 2021, the Company repurchased 56,349 shares of its common stock at an average cost of $44.52 per share, inclusive of commissions. Prior to its expiration date of December 31, 2020, the Company had in place a stock buyback program that authorized the repurchase of up to 5.5 million shares of its common stock. The program, as amended, allowed the Company to repurchase its common shares on the open market, by block purchase, through accelerated share repurchase programs, in privately negotiated transactions, or as otherwise determined by the Company, in one or more transactions. The Company was not obligated to purchase any shares under this program, and the board of directors had the ability to terminate or amend the program at any time prior to the expiration date. In total, the Company repurchased 4.9 million of the 5.5 million authorized shares under this buyback program at an average cost of $37.65 per share, inclusive of commissions. The Company was party to an accelerated share repurchase (“ASR”) agreement with Morgan Stanley & Co. LLC whereby the Company made a $185 million payment to Morgan Stanley and received from Morgan Stanley an initial delivery of 3,611,870 shares of the Company’s common stock, which represented 75 % of the estimated total number of shares to be repurchased , based on the closing price of the Company’s common stock on October 18, 2019 . Final settlement of the ASR agreement occurred on March 18, 2020. Pursuant to the terms of the settlement, the Company received cash of approximately $ 12.1 million and a final delivery of 1,001,472 shares of its common stock . In January 2020, the Company repurchased 315,851 shares of its common stock at a cost of $40.26 in a privately negotiated transaction. Accumulated Other Comprehensive Income (Loss) The components of Accumulated Other Comprehensive Income (Loss) and changes in those components are presented in the following table. Available for Sale Securities HTM Securities Transferred from AFS Employee Benefit Plans Cash Flow Hedges Equity Method Investment Total (in thousands) Balance, December 31, 2019 $ 28,950 $ 639 $ (101,278 ) $ 17,399 $ (434 ) $ (54,724 ) Net change in unrealized gain or loss 176,009 — — 46,180 (4,935 ) 217,254 Reclassification of net income or loss realized and included in earnings — — 4,656 (11,249 ) — (6,593 ) Valuation adjustment to employee benefit plans — — (10,251 ) — — (10,251 ) Amortization of unrealized net gain or loss on securities transferred to HTM — (378 ) — — — (378 ) Income tax expense (benefit) 39,817 (85 ) (1,265 ) 7,903 — 46,370 Balance, September 30, 2020 $ 165,142 $ 346 $ (105,608 ) $ 44,427 $ (5,369 ) $ 98,938 Balance, December 31, 2020 $ 171,224 $ 276 $ (125,573 ) $ 39,511 $ (5,369 ) $ 80,069 Net change in unrealized gain or loss (144,715 ) — — 353 438 (143,924 ) Reclassification of net income or loss realized and included in earnings 2,166 — 3,970 (19,941 ) 4,468 (9,337 ) Valuation adjustments to pension plan attributable to VERIP and curtailment — — 59,606 — — 59,606 Other valuation adjustments to employee benefit plans — — (10,651 ) — — (10,651 ) Amortization of unrealized net gain or loss on securities transferred to HTM — (134 ) — — — (134 ) Income tax expense (benefit) (31,952 ) (30 ) 11,783 (4,370 ) — (24,569 ) Balance, September 30, 2021 $ 60,627 $ 172 $ (84,431 ) $ 24,293 $ (463 ) $ 198 Accumulated Other Comprehensive Income or Loss (“AOCI”) is reported as a component of stockholders’ equity. AOCI can include, among other items, unrealized holding gains and losses on securities available for sale (“AFS”), including the Company’s share of unrealized gains and losses reported by a partnership accounted for under the equity method, gains and losses associated with pension or other post-retirement benefits that are not recognized immediately as a component of net periodic benefit cost, and gains and losses on derivative instruments that are designated as, and qualify as, cash flow hedges. Net unrealized gains and losses on AFS securities reclassified as securities held to maturity (“HTM”) also continue to be reported as a component of AOCI and will be amortized over the estimated remaining life of the securities as an adjustment to interest income. Subject to certain thresholds, unrealized losses on employee benefit plans will be reclassified into income as pension and post-retirement costs are recognized over the remaining service period of plan participants. Accumulated gains or losses on cash flow hedges of variable rate loans described in Note 6 will be reclassified into income over the life of the hedge. Gains and losses within AOCI are net of deferred income taxes, where applicable. The following table shows the line items of the consolidated statements of income affected by amounts reclassified from AOCI. Nine Months Ended Amount reclassified from AOCI (a) September 30, Affected line item on (in thousands) 2021 2020 the statement of income Loss on sale of AFS securities $ (2,166 ) $ — Noninterest income Tax effect 487 — Income taxes Net of tax (1,679 ) — Net income Amortization of unrealized net gain on securities transferred to HTM 134 378 Interest income Tax effect (30 ) (85 ) Income taxes Net of tax 104 293 Net income Amortization of defined benefit pension and post-retirement items (3,970 ) (4,656 ) Other noninterest expense (b) Tax effect 884 1,053 Income taxes Net of tax (3,086 ) (3,603 ) Net income Reclassification of unrealized gain on cash flow hedges 18,771 12,602 Interest income Tax effect (4,188 ) (2,851 ) Income taxes Net of tax 14,583 9,751 Net income Amortization of gain (loss) on terminated cash flow hedges 1,170 (1,353 ) Interest income Tax effect (261 ) 306 Income taxes Net of tax 909 (1,047 ) Net income Reclassification of unrealized loss on equity method investment (4,468 ) — Noninterest income Tax effect — — Income taxes Net of tax (4,468 ) — Net income Total reclassifications, net of tax $ 6,363 $ 5,394 Net income (a) Amounts in parentheses indicate reduction in net income. (b) These AOCI components are included in the computation of net periodic pension and post-retirement cost that is reported with other noninterest expense (see Note 11 – Retirement Plans for additional details). On March 27, 2020, the Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation issued an interim final rule that provides an option to delay the estimated impact on regulatory capital stemming from the implementation of CECL for a transition period of five years. The five-year rule provides a full delay of the estimated impact of CECL on regulatory capital transition (0%) for the first two years, followed by a three-year transition (25% of the impact included in 2022, 50% in 2023, 75% in 2024 and 100% thereafter). The two-year delay includes the full impact of day one CECL plus the estimated impact of current CECL activity calculated quarterly as 25% of the current ACL over the day one balance (“modified transition amount”). The modified transition amount was and will be recalculated each quarter in 2020 and 2021, with the December 31, 2021 impact carrying through the remaining three years of the transition. The Company elected the five-year transition period option upon issuance of the interim final rule. |
Other Noninterest Income
Other Noninterest Income | 9 Months Ended |
Sep. 30, 2021 | |
Other Income Disclosure Nonoperating [Abstract] | |
Other Noninterest Income | 8. Other Noninterest Income Components of other noninterest income are as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2021 2020 2021 2020 Income from bank-owned life insurance $ 3,907 $ 6,628 $ 14,535 $ 14,211 Credit related fees 2,568 2,911 8,383 8,585 Income from derivatives 2,970 1,739 11,755 9,718 Gain on sale of Mastercard Class B common stock — — 2,800 — Gain on sale of Hancock Horizon Funds 4,576 — 4,576 — Other miscellaneous 8,168 3,145 13,673 11,110 Total other noninterest income $ 22,189 $ 14,423 $ 55,722 $ 43,624 |
Other Noninterest Expense
Other Noninterest Expense | 9 Months Ended |
Sep. 30, 2021 | |
Other Expense Disclosure Nonoperating [Abstract] | |
Other Noninterest Expense | 9. Other Noninterest Expense Components of other noninterest expense are as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2021 2020 2021 2020 Corporate value and franchise taxes $ 3,414 $ 4,872 $ 11,300 $ 13,649 Telecommunications and postage 3,087 4,043 9,568 11,483 Advertising 3,638 3,159 8,400 10,089 Entertainment and contributions 2,280 1,315 5,214 7,146 Tax credit investment amortization 1,112 961 3,337 2,882 Printing and supplies 914 1,271 2,833 4,006 Travel expense 765 309 1,789 1,816 Net other retirement expense (7,294 ) (6,337 ) (20,645 ) (18,796 ) Loss on facilities and equipment from consolidation — — 15,462 929 Loss on extinguishment of debt — — 4,165 — Other miscellaneous 13,041 5,105 25,567 16,822 Total other noninterest expense $ 20,957 $ 14,698 $ 66,990 $ 50,026 For the three and nine months ended September 30, 2021, other miscellaneous expense includes certain expenses incurred as a result of Hurricane Ida. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Common Share | 10. Earnings (Loss) Per The Company calculates earnings (loss) per share using the two-class method. The two-class method allocates net income or loss to each class of common stock and participating security according to common dividends declared and participation rights in undistributed earnings. For reporting periods in which a net loss is recorded, net loss is not allocated to participating securities because the holders of such securities bear no contractual obligation to fund or otherwise share in the losses. Participating securities consist of nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. A summary of the information used in the computation of earnings (loss) per common share follows. Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share data) 2021 2020 2021 2020 Numerator: Net income (loss) to common shareholders $ 129,582 $ 79,356 $ 325,472 $ (148,749 ) Net dividends or income allocated to participating securities - basic and diluted 2,419 1,435 6,650 1,278 Net income (loss) allocated to common shareholders - basic and diluted $ 127,163 $ 77,921 $ 318,822 $ (150,027 ) Denominator: Weighted-average common shares - basic 86,834 86,358 $ 86,800 $ 86,614 Dilutive potential common shares 172 42 151 — Weighted-average common shares - diluted 87,006 86,400 $ 86,951 $ 86,614 Earnings (loss) per common share: Basic $ 1.46 $ 0.90 $ 3.67 $ (1.73 ) Diluted $ 1.46 $ 0.90 $ 3.67 $ (1.73 ) Potential common shares consist of stock options, nonvested performance-based awards, and nonvested restricted share awards deferred under the Company’s nonqualified deferred compensation plan. These potential common shares do not enter into the calculation of diluted earnings per share if the impact would be antidilutive, i.e., increase earnings per share or reduce a loss per share. No potential common shares would have had an antidilutive effect in the calculation of earnings per common share for the three months ended September 30, 2021. For the nine months ended September 30, 2021, antidilutive potential common shares with a weighted average of 796 were excluded from the computation of earnings per common share. For the three months ended September 30, 2020, antidilutive potential common shares with a weighted average of 78,867 were excluded from the computation of earnings per common share. For reporting periods in which a net loss is reported, no effect is given to potentially dilutive common shares in the computation of loss per common share as any impact from such shares would be antidilutive; as such, no effect was given to antidilutive potential common shares for the computation of earnings per common share for the nine months ended September 30, 2020. |
Retirement Plans
Retirement Plans | 9 Months Ended |
Sep. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | 11. Retirement Plans The Company offers a qualified defined benefit pension plan, the Hancock Whitney Corporation Pension Plan and Trust Agreement (“Pension Plan”), covering certain eligible associates. Eligibility is based on minimum age and service-related requirements. The Pension Plan excludes any individual hired or rehired by the Company after June 30, 2017 from eligibility to participate, and the accrued benefits of any participant in the Pension Plan whose combined age plus years of service as of January 1, 2018 totaled less than 55 were frozen as of January 1, 2018 and will not thereafter increase. The Company makes contributions to the Pension Plan in amounts sufficient to meet funding requirements set forth in federal employee benefit and tax laws, plus such additional amounts as the Company may determine to The Company also offers a defined contribution retirement benefit plan (401(k) plan), the Hancock Whitney Corporation 401(k) Savings Plan and Trust Agreement (“401(k) Plan”), that covers substantially all associates who have been employed 60 days and meet a minimum age requirement and employment classification criteria. The Company matches 100% of the first 1% of compensation saved by a participant, and 50% of the next 5% of compensation saved. Newly eligible associates are automatically enrolled at an initial 3% savings rate unless the associate actively opts out of participation in the plan. Beginning January 1, 2018, the Company makes an additional basic contribution to associates hired or rehired after June 30, 2017 in an amount equal to 2% of the associate’s eligible compensation. For Pension Plan participants whose benefits were frozen as of January 1, 2018, the 401(k) Plan provides an enhanced Company contribution in the amount of 2%, 4% or 6% of such participant’s eligible compensation, based on the participant’s current age and years of service with the Company. Participants vest in basic and enhanced Company contributions upon completion of three years of service. The Company sponsors a nonqualified defined benefit plan covering certain legacy Whitney employees, under which accrued benefits were frozen as of December 31, 2012 and, as such, no future benefits are accrued under this plan. The Company sponsors defined benefit post-retirement plans for both legacy Hancock and legacy Whitney employees that provide health care and life insurance benefits. Benefits under the Hancock plan are not available to employees hired on or after January 1, 2000. Benefits under the Whitney plan are restricted to retirees who were already receiving benefits at the time of plan amendments in 2007 or active participants who were eligible to receive benefits as of December 31, 2007. The following tables show the components of net periodic benefit cost included in expense for the periods indicated. Other Post- (in thousands) Pension Benefits Retirement Benefits For The Three Months Ended September 30, 2021 2020 2021 2020 Service cost $ 2,620 $ 3,207 $ 23 $ 28 Interest cost 3,552 3,892 91 106 Expected return on plan assets (11,463 ) (12,047 ) — — Amortization of net (gain) or loss and prior service costs 717 1,854 (192 ) (142 ) Net periodic benefit cost $ (4,574 ) $ (3,094 ) $ (78 ) $ (8 ) Other Post- (in thousands) Pension Benefits Retirement Benefits For the Nine Months Ended September 30, 2021 2020 2021 2020 Service cost $ 8,996 $ 9,690 $ 71 $ 78 Interest cost 9,982 12,315 257 377 Expected return on plan assets (34,854 ) (36,144 ) — — Amortization of net (gain) or loss and prior service costs 4,471 5,168 (501 ) (512 ) Special termination benefits 16,052 — 4,137 — Net periodic benefit cost $ 4,647 $ (8,971 ) $ 3,964 $ (57 ) During the nine months ended September 30, 2021, the Company completed a Voluntary Early Retirement Incentive Program (VERIP), which was accepted by approximately 260 eligible Pension Plan participants. The event constituted a curtailment of the Pension Plan and resulted in a re-measurement of the projected benefit obligation. The program had two components: a supplemental cash incentive, substantially all of which was paid through the Pension Plan with existing plan assets, and coverage in a post-retirement medical plan, with each component having specific age and years of service requirements. The impact of offering these incentives is classified as special termination benefits in the table above. As of the re-measurement date of April 30, 2021, Pension Plan assets totaled $808 million and the benefit obligation totaled $597 million. |
Share-Based Payment Arrangement
Share-Based Payment Arrangements | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Payment Arrangements | 12. Share-Based Payment Arrangements The Company maintains incentive compensation plans that provide for awards of share-based compensation to employees and directors. These plans have been approved by the Company’s shareholders. Detailed descriptions of these plans were included in Note 19 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. At September 30, 2021, the Company had 10,891 outstanding and exercisable stock options, with a weighted average exercise price of $32.98, weighted average remaining contractual term of less than 1 year and an aggregate intrinsic value of $0.2 million. During the nine months ended September 30, 2021, there were exercises of 12,183 stock options with a total intrinsic value of $0.1 million. The Company’s restricted and performance-based share awards to certain employees and directors are subject to service requirements. A summary of the status of the Company’s nonvested restricted and performance-based share awards at September 30, 2021 are presented in the following table. Weighted Average Number of Grant Date Shares Fair Value Nonvested at January 1, 2021 1,886,853 $ 34.77 Granted 236,874 36.50 Vested (62,299 ) 33.74 Forfeited (167,411 ) 35.32 Nonvested at September 30, 2021 1,894,017 $ 34.97 At September 30, 2021, there was $46.8 million of total unrecognized compensation expense related to nonvested restricted and performance shares expected to vest in the future. This compensation is expected to be recognized in expense over a weighted average period of 3.0 years. The total fair value of shares that vested during the nine months ended September 30, 2021 was $2.6 million. During the nine months ended September 30, 2021, the Company granted 60,996 performance share awards subject to a total shareholder return (“TSR”) performance metric with a grant date fair value of $38.49 per share and 60,996 performance shares subject to an operating earnings per share performance metric with a grant date fair value of $32.17 per share to key members of executive management. The number of performance shares subject to TSR that ultimately vest at the end of the three-year two-year three-year |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies In the normal course of business, the Bank enters into financial instruments, such as commitments to extend credit and letters of credit, to meet the financing needs of its customers. Such instruments are not reflected in the accompanying consolidated financial statements until they are funded, although they expose the Bank to varying degrees of credit risk and interest rate risk in much the same way as funded loans. Under regulatory capital guidelines, the Company and Bank must include unfunded commitments meeting certain criteria in risk-weighted capital calculations. Commitments to extend credit include revolving commercial credit lines, nonrevolving loan commitments issued mainly to finance the acquisition and development or construction of real property or equipment, and credit card and personal credit lines. The availability of funds under commercial credit lines and loan commitments generally depends on whether the borrower continues to meet credit standards established in the underlying contract and has not violated other contractual conditions. Loan commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower. Credit card and personal credit lines are generally subject to cancellation if the borrower’s credit quality deteriorates. A number of commercial and personal credit lines are used only partially or, in some cases, not at all before they expire, and the total commitment amounts do not necessarily represent future cash requirements of the Company. A substantial majority of the letters of credit are standby agreements that obligate the Bank to fulfill a customer’s financial commitments to a third party if the customer is unable to perform. The Bank issues standby letters of credit primarily to provide credit enhancement to its customers’ other commercial or public financing arrangements and to help them demonstrate financial capacity to vendors of essential goods and services. The contract amounts of these instruments reflect the Company’s exposure to credit risk. The Company undertakes the same credit evaluation in making loan commitments and assuming conditional obligations as it does for on-balance sheet instruments and may require collateral or other credit support. The Company had a reserve for unfunded lending commitments of $28.9 million and $29.9 million at September 30, 2021 and December 31, 2020, respectively. The following table presents a summary of the Company’s off-balance sheet financial instruments as of September 30, 2021 and December 31, 2020: September 30, December 31, (in thousands) 2021 2020 Commitments to extend credit $ 8,983,039 $ 8,106,223 Letters of credit 370,905 365,510 Legal Proceedings The Company is party to various legal proceedings arising in the ordinary course of business. Management does not believe that loss contingencies, if any, arising from pending litigation and regulatory matters will have a material adverse effect on the consolidated financial position or liquidity of the Company. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 14. Fair Value The FASB defines fair value as the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The FASB’s guidance also establishes a fair value hierarchy that prioritizes the inputs to these valuation techniques used to measure fair value, giving preference to quoted prices in active markets for identical assets or liabilities (“level 1”) and the lowest priority to unobservable inputs such as a reporting entity’s own data (“level 3”). Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in markets that are not active, observable inputs other than quoted prices, such as interest rates and yield curves, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Fair Value of Assets and Liabilities Measured on a Recurring Basis The following tables present for each of the fair value hierarchy levels the Company’s financial assets and liabilities that are measured at fair value on a recurring basis in the consolidated balance sheets at September 30, 2021 and December 31, 2020: September 30, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 394,722 $ — $ 394,722 Municipal obligations — 316,027 — 316,027 Corporate debt securities — 14,761 — 14,761 Residential mortgage-backed securities — 3,253,393 — 3,253,393 Commercial mortgage-backed securities — 2,884,433 — 2,884,433 Collateralized mortgage obligations — 137,585 — 137,585 Total available for sale securities — 7,000,921 — 7,000,921 Mortgage loans held for sale — 72,456 — 72,456 Derivative assets (1) — 98,156 — 98,156 Total recurring fair value measurements - assets $ — $ 7,171,533 $ — $ 7,171,533 Liabilities Derivative liabilities (1) $ — $ 35,236 $ 4,472 $ 39,708 Total recurring fair value measurements - liabilities $ — $ 35,236 $ 4,472 $ 39,708 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 213,370 $ — $ 213,370 Municipal obligations — 326,725 — 326,725 Corporate debt securities — 11,764 — 11,764 Residential mortgage-backed securities — 2,629,811 — 2,629,811 Commercial mortgage-backed securities — 2,455,534 — 2,455,534 Collateralized mortgage obligations — 362,123 — 362,123 Total available for sale securities — 5,999,327 — 5,999,327 Derivative assets (1) — 150,180 — 150,180 Total recurring fair value measurements - assets $ — $ 6,149,507 $ — $ 6,149,507 Liabilities Derivative liabilities (1) $ — $ 49,612 $ 5,645 $ 55,257 Total recurring fair value measurements - liabilities $ — $ 49,612 $ 5,645 $ 55,257 (1) For further disaggregation of derivative assets and liabilities, see Note 6 - Derivatives. Securities classified as level 2 include obligations of U.S. Government agencies and U.S. Government-sponsored agencies, including “off-the-run” U.S. Treasury securities, residential and commercial mortgage-backed securities and collateralized mortgage obligations that are issued or guaranteed by U.S. government agencies, and state and municipal bonds. The level 2 fair value measurements for investment securities are obtained quarterly from a third-party pricing service that uses industry-standard pricing models. Substantially all of the model inputs are observable in the marketplace or can be supported by observable data. The Company invests only in securities of investment grade quality with a targeted duration, for the overall portfolio, generally between two and five and a half years. Company policies generally limit investments to U.S. agency securities and municipal securities determined to be investment grade according to an internally generated score which generally includes a rating of not less than “Baa” or its equivalent by a nationally recognized statistical rating agency. Loans held for sale consist of residential mortgage loans carried under the fair value option. The fair value for these instruments is classified as level 2 based on market prices obtained from potential buyers. For the Company’s derivative financial instruments designated as hedges and those under the customer interest rate program, the fair value is obtained from a third-party pricing service that uses an industry-standard discounted cash flow model that reli es on inputs, LIBOR swap curves and Overnight Index swap rate curves, all observable in the marketplace. To comply with the accounting guidance, credit valuation adjustments are incorporated in the fair values to appropriately reflect nonperformance risk for both the Company and the counterparties. Although the Company has determined that the majority of the inputs used to value these derivative instruments fall within level 2 of the fair value hierarchy, the credit value adjustments utilize level 3 inputs, such as estimates of current credit spreads. The Company has determined that the impact of the credit valuation adjustments is not significant to the overall valuation of these derivatives. As a result, the Company has classified its derivative valuations for these instruments in level 2 of the fair value hierarchy. The Company’s policy is to measure counterparty credit risk quarterly for all derivative instruments subject to master netting arrangements consistent with how market participants would price the net risk exposure at the measurement date. The Company also has certain derivative instruments associated with the Bank’s mortgage-banking activities. These derivative instruments include interest rate lock commitments on prospective residential mortgage loans and forward commitments to sell these loans to investors on a best efforts delivery basis and To Be Announced securities for mandatory delivery contracts. The fair value of these derivative instruments is measured using observable market prices for similar instruments and is classified as a level 2 measurement. The Company’s Level 3 liability consists of a derivative contract with the purchaser of 192,163 shares of Visa Class B common stock. Pursuant to the agreement, the Company retains the risks associated with the ultimate conversion of the Visa Class B common shares into shares of Visa Class A common stock, such that the counterparty will be compensated for any dilutive adjustments to the conversion ratio and the Company will be compensated for any anti-dilutive adjustments to the ratio. The agreement also requires periodic payments by the Company to the counterparty calculated by reference to the market price of Visa Class A common shares at the time of sale and a fixed rate of interest that steps up once after the eighth scheduled quarterly payment. The fair value of the liability is determined using a discounted cash flow methodology. The significant unobservable inputs used in the fair value measurement are the Company’s own assumptions about estimated changes in the conversion rate of the Visa Class B common shares into Visa Class A common shares, the date on which such conversion is expected to occur and the estimated growth rate of the Visa Class A common share price. Refer to Note 6 – Derivatives for information about the derivative contract with the counterparty. The Company believes its valuation methods for its assets and liabilities carried at fair value are appropriate; however, the use of different methodologies or assumptions, particularly as applied to Level 3 assets and liabilities, could have a material effect on the computation of their estimated fair values. Changes in Level 3 Fair Value Measurements and Quantitative Information about Level 3 Fair Value Measurements The table below presents a rollforward of the amounts on the consolidated balance sheets for the nine months ended September 30, 2021 and the year ended December 31, 2020 for financial instruments of a material nature that are classified within Level 3 of the fair value hierarchy and are measured at fair value on a recurring basis: (in thousands) Balance at December 31, 2019 $ 5,704 Cash settlement (1,656 ) Losses included in earnings 1,597 Balance at December 31, 2020 5,645 Cash settlement (1,327 ) Losses included in earnings 154 Balance at September 30, 2021 $ 4,472 The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure the financial instrument measured on a recurring basis and classified within Level 3 of the valuation. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instrument. ($ in thousands) Fair Value Level 3 Class September 30, 2021 December 31, 2020 Derivative liability $ 4,472 $ 5,645 Valuation technique Discounted cash flow Discounted cash flow Unobservable inputs: Visa Class A appreciation - range 6%-12% 6%-12% Visa Class A appreciation - weighted average 9% 9% Conversion rate - range 1.62x-1.60x 1.62x-1.60x Conversion rate -weighted average 1.6114x 1.6114x Time until resolution 3-27 months 3-36 months The Company’s policy is to recognize transfers between valuation hierarchy levels as of the end of a reporting period. Fair Value of Assets Measured on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis. Collateral-dependent loans individually evaluated for credit loss are level 2 assets measured at the fair value of the underlying collateral based on independent third-party appraisals that take into consideration market-based information such as recent sales activity for similar assets in the property’s market. Other real estate owned and foreclosed assets, including both foreclosed property and surplus banking property, are level 3 assets that are adjusted to fair value, less estimated selling costs, upon transfer from loans or property and equipment. Subsequently, other real estate owned and foreclosed assets is carried at the lower of carrying value or fair value less estimated selling costs. Fair values are determined by sales agreement or third-party appraisals as discounted for estimated selling costs, information from comparable sales, and marketability of the assets. The fair value information presented below is not as of the period end, rather it was as of the date the fair value adjustment was recorded during the twelve months for each of the dates presented below, and excludes nonrecurring fair value measurements of assets no longer on the balance sheet. The following tables present the Company’s financial assets that are measured at fair value on a nonrecurring basis for each of the fair value hierarchy levels. September 30, 2021 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent loans individually evaluated for credit loss $ — $ 17,381 $ — $ 17,381 Other real estate owned and foreclosed assets, net — — 8,423 8,423 Total nonrecurring fair value measurements $ — $ 17,381 $ 8,423 $ 25,804 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent loans individually evaluated for credit loss $ — $ 60,451 $ — $ 60,451 Other real estate owned and foreclosed assets, net — — 11,648 11,648 Total nonrecurring fair value measurements $ — $ 60,451 $ 11,648 $ 72,099 Accounting guidance from the FASB requires the disclosure of estimated fair value information about certain on- and off-balance sheet financial instruments, including those financial instruments that are not measured and reported at fair value on a recurring basis. The significant methods and assumptions used by the Company to estimate the fair value of financial instruments are discussed below. Cash, Short-Term Investments and Federal Funds Sold – For these short-term instruments, the carrying amount is a reasonable estimate of fair value. Securities – The fair value measurement for securities available for sale was discussed earlier in the note. The same measurement techniques were applied to the valuation of securities held to maturity. Loans, Net – The fair value measurement for certain impaired loans was described earlier in this note. For the remaining portfolio, fair values were generally determined by discounting scheduled cash flows using discount rates determined with reference to current market rates at which loans with similar terms would be made to borrowers of similar credit quality. Loans Held for Sale – T hese loans are either carried under the fair value option or at the lower of cost or market , which is considered a reasonable estimate of fair value. Deposits – The accounting guidance requires that the fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits, interest-bearing checking and savings accounts, be assigned fair values equal to amounts payable upon demand (“carrying amounts”). The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. Federal Funds Purchased and Securities Sold under Agreements to Repurchase – For these short-term liabilities, the carrying amount is a reasonable estimate of fair value. Short-Term FHLB Borrowings – The fair value is estimated by discounting the future contractual cash flows using current market rates at which borrowings with similar terms and options could be obtained. Long-Term Debt – The fair value is estimated by discounting the future contractual cash flows using current market rates at which debt with similar terms could be obtained. Derivative Financial Instruments – The fair value measurement for derivative financial instruments was described earlier in this note. The following tables present the estimated fair values of the Company’s financial instruments by fair value hierarchy levels and the corresponding carrying amounts: September 30, 2021 Total Fair Carrying (in thousands) Level 1 Level 2 Level 3 Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 3,590,661 $ — $ — $ 3,590,661 $ 3,590,661 Available for sale securities — 7,000,921 — 7,000,921 7,000,921 Held to maturity securities — 1,385,967 — 1,385,967 1,307,701 Loans, net — 17,381 20,526,735 20,544,116 20,514,494 Loans held for sale — 90,618 — 90,618 90,618 Derivative financial instruments — 98,156 — 98,156 98,156 Financial liabilities: Deposits $ — $ — $ 29,177,424 $ 29,177,424 $ 29,208,157 Federal funds purchased 1,825 — — 1,825 1,825 Securities sold under agreements to repurchase 643,403 — — 643,403 643,403 FHLB short-term borrowings — 1,126,938 — 1,126,938 1,100,000 Long-term debt — 260,964 — 260,964 248,011 Derivative financial instruments — 35,236 4,472 39,708 39,708 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Fair Value Carrying Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 1,860,092 $ — $ — $ 1,860,092 $ 1,860,092 Available for sale securities — 5,999,327 — 5,999,327 5,999,327 Held to maturity securities — 1,467,581 — 1,467,581 1,357,170 Loans, net — 60,451 21,472,933 21,533,384 21,339,754 Loans held for sale — 136,063 — 136,063 136,063 Derivative financial instruments — 150,180 — 150,180 150,180 Financial liabilities: Deposits $ — $ — $ 27,679,321 $ 27,679,321 $ 27,697,877 Federal funds purchased 300 — — 300 300 Securities sold under agreements to repurchase 567,213 — — 567,213 567,213 FHLB short-term borrowings — 1,147,335 — 1,147,335 1,100,000 Long-term debt — 404,880 — 404,880 378,322 Derivative financial instruments — 49,612 5,645 55,257 55,257 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 15. Recent Accounting Pronouncements Accounting Standards Adopted in 2021 In August 2021, the FASB issued ASU 2021-06, “Presentation of Financial Statements (Topic 205), Financial Services – Depository and Lending (Topic 942) and Financial Services – Investment Companies (Topic 946),” to reflect the issuance of SEC Release No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses Update of Statistical Disclosures for Bank and Savings and Loan Registrants In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848),” to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the transition to new reference rates. The amendments in the update do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship (including periods after December 31, 2022). The provisions of this guidance were effective upon issuance for all entities. An entity may elect to apply the amendments in this update on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final update, up to the date that financial statements are available to be issued. The Company adopted this guidance on a full retrospective basis upon issuance. A doption of this guidance did not have a material impact upon the Company’s financial position and results of operations. In October 2020, the FASB issued ASU 2020-08, “Codification Improvements to Subtopic 310-20, Receivables- Nonrefundable Fees and Other Costs,” to clarify that an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. Securities within the scope of this paragraph are those that have explicit, noncontingent call options that are callable at fixed prices and on preset dates at prices less than the amortized cost basis of the security. Whether a security is subject to this paragraph may change depending on the amortized cost basis of the security and the terms of the next call option. For instruments that fall within the scope, the premium should be amortized to the next call date, which is defined as the first date at which a call option at a specified price becomes exercisable. Once the next call date has passed, the next call date after that (if applicable) is the date at which the next call option at a specified price becomes exercisable, and, if there is no remaining premium or if there are no further call dates, the effective yield should be reset using the payment terms of the debt security. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, and entities should apply the amendments in the update on a prospective basis for existing and newly purchased callable debt securities. The Company assessed its bond portfolio upon adoption and determined that there were no bonds with premium calls at such dates. The Company will evaluate its bond portfolio at each interim and annual reporting date to determine if any instruments fall within the scope of paragraph 310-20-35-33. In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes (Topic 740).” The amendments in this update are meant to simplify the accounting for income taxes by removing certain exceptions to GAAP. The amendments also improve consistent application of and simplify GAAP by modifying and/or revising the accounting for certain income tax transactions and by clarifying certain existing codification. The amendments in the update are effective for public business entities for fiscal years and interim periods within those fiscal years beginning after December 15, 2020. The Company adopted this guidance on January 1, 2021. Adoption of this guidance did not have a material impact upon the Company’s financial position and results of operations. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Hancock Whitney Corporation and all other entities in which it has a controlling interest (the “Company”). The financial statements include all adjustments that are, in the opinion of management, necessary to fairly state the Company’s financial condition, results of operations, changes in stockholders’ equity and cash flows for the interim periods presented. The Company has also evaluated all subsequent events for potential recognition and disclosure through the date of the filing of this Quarterly Report on Form 10-Q. Some financial information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) have been condensed or omitted in this Quarterly Report on Form 10-Q pursuant to Securities and Exchange Commission rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Financial information reported in these financial statements is not necessarily indicative of the Company’s financial condition, results of operations, or cash flows for any other interim or annual period. Certain prior period amounts have been reclassified to conform to the current period presentation. These changes in presentation did not have a material impact on the Company’s financial condition or operating results. |
Use of Estimates | Use of Estimates The accounting principles the Company follows and the methods for applying these principles conform to GAAP and general practices followed by the banking industry. These accounting principles require management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. |
Accounting Policies | Accounting Policies There were no material changes or developments during the reporting period with respect to methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2020. Beginning in the second quarter of 2021, the Company enters into mandatory delivery forward sales contracts concurrently with interest rate lock commitments for select residential mortgage banking product offerings that are expected to be sold when funded. Previously, the Company only entered into forward sales agreements on a best-efforts basis and will now utilize both types of delivery methods. With mandatory delivery contracts, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. Forward loan sale commitments for the mandatory delivery contracts include the use of To Be Announced (“TBA”) securities to mitigate the risk of changes in value of the rate lock commitment. With the change in delivery method, the Company has elected the fair value option on funded residential mortgage loans originated for sale that are associated with forward sales contracts. For mortgage loans for which the Company has elected the fair value option, gains and losses are included in noninterest income within secondary mortgage market operations. For further discussion, see Note 6 – Derivatives and Note 14 – Fair Value Measurements. Refer to Note 15 – Recent Accounting Pronouncements for a discussion of accounting standards adopted during the nine months ended September 30, 2021 and the impact to the Company’s financial statements. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | |
Amortized Cost and Fair Value of Debt Securities Available for Sale | September 30, 2021 December 31, 2020 Gross Gross Gross Gross Securities Available for Sale Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 394,069 $ 4,822 $ 4,169 $ 394,722 $ 207,365 $ 6,289 $ 284 $ 213,370 Municipal obligations 305,701 13,504 3,178 316,027 309,342 17,536 153 326,725 Residential mortgage-backed securities 3,256,700 39,681 42,988 3,253,393 2,560,249 69,570 8 2,629,811 Commercial mortgage-backed securities 2,838,584 81,615 35,766 2,884,433 2,323,306 135,516 3,288 2,455,534 Collateralized mortgage obligations 133,957 3,628 — 137,585 354,472 7,651 — 362,123 Corporate debt securities 14,500 263 2 14,761 11,500 264 — 11,764 $ 6,943,511 $ 143,513 $ 86,103 $ 7,000,921 $ 5,766,234 $ 236,826 $ 3,733 $ 5,999,327 |
Amortized Cost and Fair Value of Debt Securities Held to Maturity | September 30, 2021 December 31, 2020 Gross Gross Gross Gross Securities Held to Maturity Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ — $ — $ — $ — $ — $ — $ — $ — Municipal obligations 617,289 39,989 211 657,067 627,019 51,408 2 678,425 Residential mortgage-backed securities 47,330 985 243 48,072 21,951 1,469 — 23,420 Commercial mortgage-backed securities 573,854 36,614 350 610,118 549,686 54,587 — 604,273 Collateralized mortgage obligations 69,228 1,482 — 70,710 158,514 2,949 — 161,463 $ 1,307,701 $ 79,070 $ 804 $ 1,385,967 $ 1,357,170 $ 110,413 $ 2 $ 1,467,581 |
Proceeds from Gross Gains on and Gross Losses on Sale of Securities | The following table presents the proceeds from, gross gain on, and gross losses on sales of securities during the nine months ended September 30, 2021 and 2020. Nine Months Ended September 30, (in thousands) 2021 2020 Proceeds $ 198,681 $ 211,919 Gross gains 1,649 1,984 Gross losses 1,316 1,496 Net gain $ 333 $ 488 |
Available for Sale Securities [Member] | |
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Debt Securities Available for Sale Amortized Fair (in thousands) Cost Value Due in one year or less $ 2,290 $ 2,294 Due after one year through five years 636,212 670,865 Due after five years through ten years 2,805,443 2,839,375 Due after ten years 3,499,566 3,488,387 Total available for sale debt securities $ 6,943,511 $ 7,000,921 |
Securities with Unrealized Losses | Available for Sale September 30, 2021 Losses < 12 months Losses 12 months or > Total (in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses U.S. Treasury and government agency securities $ 199,451 $ 2,712 $ 32,489 $ 1,457 $ 231,940 $ 4,169 Municipal obligations 43,297 2,098 25,243 1,080 68,540 3,178 Residential mortgage-backed securities 2,097,625 42,984 704 4 2,098,329 42,988 Commercial mortgage-backed securities 856,462 22,196 294,972 13,570 1,151,434 35,766 Collateralized mortgage obligations — — — — — — Corporate debt securities 2,998 2 — — 2,998 2 $ 3,199,833 $ 69,992 $ 353,408 $ 16,111 $ 3,553,241 $ 86,103 Available for Sale December 31, 2020 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ 35,845 284 $ — $ — $ 35,845 $ 284 Municipal obligations 30,170 153 — — 30,170 153 Residential mortgage-backed securities 530 2 760 6 1,290 8 Commercial mortgage-backed securities 446,190 3,288 — — 446,190 3,288 Collateralized mortgage obligations 70 — — — 70 — Corporate debt securities 2,000 — — — 2,000 — $ 514,805 $ 3,727 $ 760 $ 6 $ 515,565 $ 3,733 |
Held-to-maturity Securities [Member] | |
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Debt Securities Held to Maturity Amortized Fair (in thousands) Cost Value Due in one year or less $ 11,226 $ 11,371 Due after one year through five years 336,328 354,897 Due after five years through ten years 548,812 587,548 Due after ten years 411,335 432,151 Total held to maturity securities $ 1,307,701 $ 1,385,967 |
Securities with Unrealized Losses | Held to maturity September 30, 2021 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ — $ — $ — $ — $ — $ — Municipal obligations 7,789 211 190 — 7,979 211 Residential mortgage-backed securities 7,821 243 — — 7,821 243 Commercial mortgage-backed securities 11,960 350 — — 11,960 350 Collateralized mortgage obligations 291 — — — 291 — $ 27,861 $ 804 $ 190 $ — $ 28,051 $ 804 Held to maturity December 31, 2020 Losses < 12 months Losses 12 months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ — $ — $ — $ — $ — $ — Municipal obligations — — 2,381 2 2,381 2 Residential mortgage-backed securities — — — — — — Commercial mortgage-backed securities — — — — — — Collateralized mortgage obligations — — — — — — $ — $ — $ 2,381 $ 2 $ 2,381 $ 2 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | |
Loans, Net of Unearned Income | The following table presents loans, net of unearned income, by portfolio class at September 30, 2021 and December 31, 2020. September 30, December 31, (in thousands) 2021 2020 Commercial non-real estate $ 9,416,990 $ 9,986,983 Commercial real estate - owner occupied 2,812,926 2,857,445 Total commercial and industrial 12,229,916 12,844,428 Commercial real estate - income producing 3,467,939 3,357,939 Construction and land development 1,213,991 1,065,057 Residential mortgages 2,351,053 2,665,212 Consumer 1,623,116 1,857,295 Total loans $ 20,886,015 $ 21,789,931 |
Allowance for Credit Losses by Portfolio Class | The following tables present activity in the allowance for credit losses (ACL) by portfolio class for the nine months ended September 30, 2021 and 2020, as well as the corresponding recorded investment in loans at the end of each period. Effective January 1, 2020, the Company adopted the provisions of Accounting Standards Codification (ASC) 326, “Financial Instruments – Credit Losses,” using a modified retrospective basis. ASC 326, commonly referred to as CECL, prescribed a change in computing allowance for credit losses from an incurred methodology to a life of loan methodology. The difference between the December 31, 2019 incurred allowance and the CECL allowance is reflected as a cumulative effect of change in accounting principle in the ACL activity for the nine months ended September 30, 2020. Commercial Total Commercial Commercial real estate- commercial real estate- Construction non-real owner and income and land Residential (in thousands) estate occupied industrial producing development mortgages Consumer Total Nine Months Ended September 30, 2021 Allowance for credit losses Allowance for loan losses: Beginning balance $ 149,693 $ 69,134 $ 218,827 $ 109,474 $ 26,462 $ 48,842 $ 46,572 $ 450,177 Charge-offs (32,369 ) (1,722 ) (34,091 ) (231 ) (267 ) (218 ) (9,874 ) (44,681 ) Recoveries 6,579 363 6,942 100 1,548 933 4,636 14,159 Net provision for loan losses (17,594 ) (10,642 ) (28,236 ) 11,752 (5,167 ) (18,484 ) (7,999 ) (48,134 ) Ending balance - allowance for loan losses $ 106,309 $ 57,133 $ 163,442 $ 121,095 $ 22,576 $ 31,073 $ 33,335 $ 371,521 Reserve for unfunded lending commitments: Beginning balance $ 4,529 $ 381 $ 4,910 $ 1,099 $ 22,694 $ 19 $ 1,185 $ 29,907 Provision for losses on unfunded commitments (176 ) (131 ) (307 ) 124 (383 ) (8 ) (387 ) (961 ) Ending balance - reserve for unfunded lending commitments 4,353 250 4,603 1,223 22,311 11 798 28,946 Total allowance for credit losses $ 110,662 $ 57,383 $ 168,045 $ 122,318 $ 44,887 $ 31,084 $ 34,133 $ 400,467 Allowance for loan losses: Individually evaluated $ 113 $ 33 $ 146 $ 20 $ 20 $ 447 $ 202 $ 835 Collectively evaluated 106,196 57,100 163,296 121,075 22,556 30,626 33,133 370,686 Allowance for loan losses $ 106,309 $ 57,133 $ 163,442 $ 121,095 $ 22,576 $ 31,073 $ 33,335 $ 371,521 Reserve for unfunded lending commitments: Individually evaluated $ — $ — $ — $ — $ — $ — $ — $ — Collectively evaluated 4,353 250 4,603 1,223 22,311 11 798 28,946 Reserve for unfunded lending commitments: $ 4,353 $ 250 $ 4,603 $ 1,223 $ 22,311 $ 11 $ 798 $ 28,946 Total allowance for credit losses $ 110,662 $ 57,383 $ 168,045 $ 122,318 $ 44,887 $ 31,084 $ 34,133 $ 400,467 Loans: Individually evaluated $ 5,929 $ 5,618 $ 11,547 $ 4,004 $ 127 $ 5,083 $ 1,315 $ 22,076 Collectively evaluated 9,411,061 2,807,308 12,218,369 3,463,935 1,213,864 2,345,970 1,621,801 20,863,939 Total loans $ 9,416,990 $ 2,812,926 $ 12,229,916 $ 3,467,939 $ 1,213,991 $ 2,351,053 $ 1,623,116 $ 20,886,015 Commercial Total Commercial Commercial real estate- commercial real estate- Construction non-real owner and income and land Residential (in thousands) estate occupied industrial producing development mortgages Consumer Total Nine Months Ended September 30, 2020 Allowance for credit losses Allowance for loan losses: Beginning balance $ 106,432 $ 10,977 $ 117,409 $ 20,869 $ 9,350 $ 20,331 $ 23,292 $ 191,251 Cumulative effect of change in accounting principle (244 ) 14,877 14,633 7,287 7,478 12,921 7,092 49,411 Charge-offs (364,123 ) (1,828 ) (365,951 ) (2,211 ) (7 ) (170 ) (13,640 ) (381,979 ) Recoveries 4,831 659 5,490 46 549 1,078 4,360 11,523 Net provision for loan losses 401,155 41,336 442,491 78,661 12,325 17,613 27,378 578,468 Ending balance - allowance for loan losses $ 148,051 $ 66,021 $ 214,072 $ 104,652 $ 29,695 $ 51,773 $ 48,482 $ 448,674 Reserve for unfunded lending commitments: Beginning balance $ 3,974 $ — $ 3,974 $ — $ — $ — $ — $ 3,974 Cumulative effect of change in accounting principle 5,772 288 6,060 449 15,658 17 5,146 27,330 Provision for losses on unfunded commitments (3,786 ) 187 (3,599 ) 1,599 6,046 (11 ) (3,813 ) 222 Ending balance - reserve for unfunded lending commitments 5,960 475 6,435 2,048 21,704 6 1,333 31,526 Total allowance for credit losses $ 154,011 $ 66,496 $ 220,507 $ 106,700 $ 51,399 $ 51,779 $ 49,815 $ 480,200 Allowance for loan losses: Individually evaluated for impairment $ 27,304 $ 1,344 $ 28,648 $ 24 $ 169 $ 416 $ 456 $ 29,713 Collectively evaluated for impairment 120,747 64,677 185,424 104,628 29,526 51,357 48,026 418,961 Allowance for loan losses $ 148,051 $ 66,021 $ 214,072 $ 104,652 $ 29,695 $ 51,773 $ 48,482 $ 448,674 Reserve for unfunded lending commitments: Individually evaluated $ 992 $ — $ 992 $ — $ — $ — $ 5 $ 997 Collectively evaluated 4,968 475 5,443 2,048 21,704 6 1,328 30,529 Reserve for unfunded lending commitments: 5,960 475 6,435 2,048 21,704 6 1,333 31,526 Total allowance for credit losses $ 154,011 $ 66,496 $ 220,507 $ 106,700 $ 51,399 $ 51,779 $ 49,815 $ 480,200 Loans: Individually evaluated for impairment $ 73,139 $ 11,124 $ 84,263 $ 5,549 $ 1,837 $ 6,064 $ 3,924 $ 101,637 Collectively evaluated for impairment 10,184,649 2,768,283 12,952,932 3,401,005 1,094,312 2,748,324 1,941,994 22,138,567 Total loans $ 10,257,788 $ 2,779,407 $ 13,037,195 $ 3,406,554 $ 1,096,149 $ 2,754,388 $ 1,945,918 $ 22,240,204 |
Composition of Nonaccrual Loans and Without an Allowance for Loan Loss by Portfolio Class | The following table shows the composition of nonaccrual loans and those without an allowance for loan loss, by portfolio class. September 30, December 31, 2021 2020 (in thousands) Total nonaccrual Nonaccrual without allowance for loan loss Total nonaccrual Nonaccrual without allowance for loan loss Commercial non-real estate $ 9,948 $ 5,449 $ 52,836 $ 15,268 Commercial real estate - owner occupied 6,720 5,379 13,856 7,038 Total commercial and industrial 16,668 10,828 66,692 22,306 Commercial real estate - income producing 4,249 3,922 6,743 — Construction and land development 1,238 — 2,486 1,116 Residential mortgages 25,964 1,598 40,573 1,705 Consumer 12,238 250 23,385 — Total loans $ 60,357 $ 16,598 $ 139,879 $ 25,127 |
Troubled Debt Restructurings Modified by Portfolio Class | The tables below detail by portfolio class TDRs that were modified during the three and nine months ended September 30, 2021 and 2020. All such loans are individually evaluated for credit loss. Three Months Ended ($ in thousands) September 30, 2021 September 30, 2020 Troubled Debt Restructurings: Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial non-real estate — $ — $ — — $ — $ — Commercial real estate - owner occupied — — — — — — Total commercial and industrial — — — — — — Commercial real estate - income producing — — — — — — Construction and land development — — — — — — Residential mortgages 1 196 196 5 1,358 1,358 Consumer — — — 2 25 25 Total loans 1 $ 196 $ 196 7 $ 1,383 $ 1,383 Nine Months Ended ($ in thousands) September 30, 2021 September 30, 2020 Pre- Modification Post- Modification Pre- Modification Post- Modification Number Outstanding Outstanding Number Outstanding Outstanding of Recorded Recorded of Recorded Recorded Troubled Debt Restructurings: Contracts Investment Investment Contracts Investment Investment Commercial non-real estate 3 $ 6,935 $ 6,935 3 $ 745 $ 745 Commercial real estate - owner occupied — — — — — — Total commercial and industrial 3 6,935 6,935 3 745 745 Commercial real estate - income producing — — — — — — Construction and land development — — — 1 15 15 Residential mortgages 3 515 538 14 3,424 3,424 Consumer 4 86 86 7 89 89 Total loans 10 $ 7,536 $ 7,559 25 $ 4,273 $ 4,273 |
Aging Analysis of Past Due Loans by Portfolio Class | The tables below present the aging analysis of past due loans by portfolio class at September 30, 2021 and December 31, 2020. September 30, 2021 30-59 days past due 60-89 days past due Greater than 90 days past due Total past due Current Total Loans Recorded investment > 90 days and still accruing (in thousands) Commercial non-real estate $ 5,623 $ 2,100 $ 14,568 $ 22,291 $ 9,394,699 $ 9,416,990 $ 7,228 Commercial real estate - owner occupied 5,761 762 1,548 8,071 2,804,855 2,812,926 142 Total commercial and industrial 11,384 2,862 16,116 30,362 12,199,554 12,229,916 7,370 Commercial real estate - income producing 1,175 1,474 5,441 8,090 3,459,849 3,467,939 1,346 Construction and land development 369 733 1,035 2,137 1,211,854 1,213,991 57 Residential mortgages 3,799 5,579 17,567 26,945 2,324,108 2,351,053 254 Consumer 13,750 3,108 7,331 24,189 1,598,927 1,623,116 943 Total $ 30,477 $ 13,756 $ 47,490 $ 91,723 $ 20,794,292 $ 20,886,015 $ 9,970 December 31, 2020 30-59 days past due 60-89 days past due Greater than 90 days past due Total past due Current Total Loans Recorded investment > 90 days and still accruing (in thousands) Commercial non-real estate $ 7,963 $ 2,564 $ 39,530 $ 50,057 $ 9,936,926 $ 9,986,983 $ 583 Commercial real estate - owner occupied 1,525 753 13,663 15,941 2,841,504 2,857,445 955 Total commercial and industrial 9,488 3,317 53,193 65,998 12,778,430 12,844,428 1,538 Commercial real estate - income producing 1,494 798 5,744 8,036 3,349,903 3,357,939 182 Construction and land development 4,168 284 2,001 6,453 1,058,604 1,065,057 — Residential mortgages 29,319 9,858 27,886 67,063 2,598,149 2,665,212 912 Consumer 12,215 5,012 11,714 28,941 1,828,354 1,857,295 729 Total $ 56,684 $ 19,269 $ 100,538 $ 176,491 $ 21,613,440 $ 21,789,931 $ 3,361 |
Credit Quality Indicators by Segment and Portfolio Class | The following table presents credit quality disclosures of amortized cost by segment and vintage for term loans and by revolving and revolving converted to amortizing at September 30, 2021. The Company defines vintage as the later of origination, renewal or restructure date. Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Loans Total Commercial Loans: Pass $ 3,916,476 $ 3,333,009 $ 2,308,701 $ 1,374,599 $ 1,105,917 $ 1,520,061 $ 2,582,321 $ 105,856 $ 16,246,940 Pass-Watch 40,835 59,789 71,484 31,238 22,528 82,569 47,600 15,253 371,296 Special Mention 15,346 3,105 6,857 11,061 19,648 8,613 11,841 1,296 77,767 Substandard 26,982 51,212 38,745 17,302 27,220 22,332 25,384 6,666 215,843 Doubtful — — — — — — — — — Total Commercial Loans $ 3,999,639 $ 3,447,115 $ 2,425,787 $ 1,434,200 $ 1,175,313 $ 1,633,575 $ 2,667,146 $ 129,071 $ 16,911,846 Residential Mortgage and Consumer Loans: Performing $ 330,316 $ 461,269 $ 401,774 $ 265,787 $ 367,106 $ 973,576 $ 1,128,048 $ 5,619 $ 3,933,495 Nonperforming 433 1,101 1,902 3,599 5,614 25,114 1,424 1,487 40,674 Total Consumer Loans $ 330,749 $ 462,370 $ 403,676 $ 269,386 $ 372,720 $ 998,690 $ 1,129,472 $ 7,106 $ 3,974,169 |
Total Commercial [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Credit Quality Indicators by Segment and Portfolio Class | The following tables present the credit quality indicators by segment and portfolio class of loans held for investment at September 30, 2021 and December 31, 2020. The Company routinely assesses the ratings of loans in its portfolio through an established and comprehensive portfolio management process. In addition, the Company often examines portfolios of loans to determine if there are areas of risk not specifically identified in its loan by loan approach. September 30, 2021 (in thousands) Commercial non-real estate Commercial real estate - owner- occupied Total commercial and industrial Commercial real estate - income producing Construction and land development Total commercial Grade: Pass $ 9,032,981 $ 2,659,738 $ 11,692,719 $ 3,363,503 $ 1,190,718 $ 16,246,940 Pass-Watch 204,260 68,660 272,920 79,328 19,048 371,296 Special Mention 46,263 24,878 71,141 4,739 1,887 77,767 Substandard 133,486 59,650 193,136 20,369 2,338 215,843 Doubtful — — — — — — Total $ 9,416,990 $ 2,812,926 $ 12,229,916 $ 3,467,939 $ 1,213,991 $ 16,911,846 December 31, 2020 (in thousands) Commercial non-real estate Commercial real estate - owner- occupied Total commercial and industrial Commercial real estate - income producing Construction and land development Total commercial Grade: Pass $ 9,439,264 $ 2,641,423 $ 12,080,687 $ 3,219,155 $ 1,033,060 $ 16,332,902 Pass-Watch 314,739 114,358 429,097 89,968 22,820 541,885 Special Mention 79,613 46,239 125,852 5,989 5,751 137,592 Substandard 153,367 55,425 208,792 42,827 3,426 255,045 Doubtful — — — — — — Total $ 9,986,983 $ 2,857,445 $ 12,844,428 $ 3,357,939 $ 1,065,057 $ 17,267,424 |
Residential Mortgage and Consumer [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Credit Quality Indicators by Segment and Portfolio Class | September 30, 2021 December 31, 2020 (in thousands) Residential mortgage Consumer Total Residential mortgage Consumer Total Performing $ 2,323,682 $ 1,609,813 $ 3,933,495 $ 2,622,422 $ 1,832,885 $ 4,455,307 Nonperforming 27,371 13,303 40,674 42,790 24,410 67,200 Total $ 2,351,053 $ 1,623,116 $ 3,974,169 $ 2,665,212 $ 1,857,295 $ 4,522,507 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | At September 30, 2021 and December 31, 2020, long-term debt was comprised of the following: September 30, December 31, (in thousands) 2021 2020 Subordinated notes payable, maturing June 2045 $ — $ 150,000 Subordinated notes payable, maturing June 2060 172,500 172,500 Other long-term debt 81,385 66,062 Less: unamortized debt issuance costs (5,874 ) (10,240 ) Total long-term debt $ 248,011 $ 378,322 |
Long-Term Debt with Related Unamortized Debt Issuance Cost | The following table sets forth unamortized debt issuance costs associated with the respective debt instruments at September 30, 2021: Unamortized Debt Issuance (in thousands) Principal Costs Subordinated notes payable, maturing June 2060 $ 172,500 $ 5,874 Other long-term debt 81,385 — Total $ 253,885 $ 5,874 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Financial Instruments | The table below presents the notional or contractual amounts and fair values of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets at September 30, 2021 and December 31, 2020. September 30, 2021 December 31, 2020 Derivative (1) Derivative (1) (in thousands) Type of Hedge Notional or Contractual Amount Assets Liabilities Notional or Contractual Amount Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps - variable rate loans Cash Flow $ 1,025,000 $ 9,731 $ 867 $ 1,175,000 $ 50,962 $ — Interest rate swaps - securities Fair Value 1,608,150 28,629 7,742 1,158,150 6,686 18,920 2,633,150 38,360 8,609 2,333,150 57,648 18,920 Derivatives not designated as hedging instruments: Interest rate swaps N/A 5,174,836 96,176 95,297 4,806,258 145,517 148,778 Risk participation agreements N/A 218,947 2 5 216,511 35 108 Interest rate-lock commitments on residential mortgage loans N/A 108,155 2,038 — 206,258 1,793 14 Forward commitments to sell residential mortgage loans N/A 67,476 — 1,010 310,458 19 3,211 To Be Announced (TBA) securities N/A 74,000 318 18 — — — Foreign exchange forward contracts N/A 62,806 1,250 1,114 58,822 2,816 2,785 Visa Class B derivative contract N/A 43,565 — 4,472 43,565 — 5,645 5,749,785 99,784 101,916 5,641,872 150,180 160,541 Total derivatives $ 8,382,935 $ 138,144 $ 110,525 $ 7,975,022 $ 207,828 $ 179,461 Less: netting adjustment (2) (39,988 ) (70,817 ) (57,648 ) (124,204 ) Total derivative assets/liabilities $ 98,156 $ 39,708 $ 150,180 $ 55,257 (1) Derivative assets and liabilities are reported at fair value in other assets or other liabilities, respectively, in the consolidated balance sheets. ( 2 ) Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. |
Effects of Derivative Instruments on the Statement of Income | The effects of derivative instruments on the consolidated statements of income for the three and nine months ended September 30, 2021 and 2020 are presented in the table below. Interest income attributable to cash flow hedges includes amortization of accumulated other comprehensive income or loss that resulted from termination of certain interest rate swap contracts. Three Months Ended Nine Months Ended September 30, September 30, Derivative Instruments: Location of Gain (Loss) Recognized in the Statements of Income: 2021 2020 2021 2020 Cash flow hedges: Variable rate loans Interest income - loans $ 6,950 $ 5,788 $ 19,941 $ 11,249 Fair value hedges: Securities Interest income - securities - taxable 21 (7 ) (6 ) 33 Securities - termination Noninterest income - securities transactions, net — — 2,499 — Brokered deposits Interest expense - deposits — — — 46 Derivatives not designated as hedging: Residential mortgage banking Noninterest income - secondary mortgage market operations (1,249 ) — 2,223 — Customer and all other instruments Noninterest income - other noninterest income 2,970 1,739 11,755 9,718 Total gain $ 8,692 $ 7,520 $ 36,412 $ 21,046 |
Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements | Offsetting information in regards to all derivative assets and liabilities, including accrued interest, subject to these master netting agreements at September 30, 2021 and December 31, 2020 is presented in the following tables. (in thousands) Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Financial Condition Gross Amounts Recognized Offset in the Statement of Financial Condition Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Net Amount September 30, 2021 Derivative Assets $ 46,013 $ (41,102 ) $ 4,911 $ 4,911 $ — $ — Derivative Liabilities $ 101,940 $ (72,835 ) $ 29,105 $ 4,911 $ 69,668 $ (45,474 ) (in thousands) Gross Amounts Net Amounts Gross Amounts Not Offset in the Statement of Financial Condition Gross Amounts Recognized Offset in the Statement of Financial Condition Presented in the Statement of Financial Condition Financial Instruments Cash Collateral Net Amount December 31, 2020 Derivative Assets 61,529 $ (58,660 ) $ 2,869 $ 2,869 $ — $ — Derivative Liabilities 171,275 $ (126,434 ) $ 44,841 $ 2,869 $ 90,312 $ (48,340 ) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders Equity Note [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | Available for Sale Securities HTM Securities Transferred from AFS Employee Benefit Plans Cash Flow Hedges Equity Method Investment Total (in thousands) Balance, December 31, 2019 $ 28,950 $ 639 $ (101,278 ) $ 17,399 $ (434 ) $ (54,724 ) Net change in unrealized gain or loss 176,009 — — 46,180 (4,935 ) 217,254 Reclassification of net income or loss realized and included in earnings — — 4,656 (11,249 ) — (6,593 ) Valuation adjustment to employee benefit plans — — (10,251 ) — — (10,251 ) Amortization of unrealized net gain or loss on securities transferred to HTM — (378 ) — — — (378 ) Income tax expense (benefit) 39,817 (85 ) (1,265 ) 7,903 — 46,370 Balance, September 30, 2020 $ 165,142 $ 346 $ (105,608 ) $ 44,427 $ (5,369 ) $ 98,938 Balance, December 31, 2020 $ 171,224 $ 276 $ (125,573 ) $ 39,511 $ (5,369 ) $ 80,069 Net change in unrealized gain or loss (144,715 ) — — 353 438 (143,924 ) Reclassification of net income or loss realized and included in earnings 2,166 — 3,970 (19,941 ) 4,468 (9,337 ) Valuation adjustments to pension plan attributable to VERIP and curtailment — — 59,606 — — 59,606 Other valuation adjustments to employee benefit plans — — (10,651 ) — — (10,651 ) Amortization of unrealized net gain or loss on securities transferred to HTM — (134 ) — — — (134 ) Income tax expense (benefit) (31,952 ) (30 ) 11,783 (4,370 ) — (24,569 ) Balance, September 30, 2021 $ 60,627 $ 172 $ (84,431 ) $ 24,293 $ (463 ) $ 198 |
Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income | The following table shows the line items of the consolidated statements of income affected by amounts reclassified from AOCI. Nine Months Ended Amount reclassified from AOCI (a) September 30, Affected line item on (in thousands) 2021 2020 the statement of income Loss on sale of AFS securities $ (2,166 ) $ — Noninterest income Tax effect 487 — Income taxes Net of tax (1,679 ) — Net income Amortization of unrealized net gain on securities transferred to HTM 134 378 Interest income Tax effect (30 ) (85 ) Income taxes Net of tax 104 293 Net income Amortization of defined benefit pension and post-retirement items (3,970 ) (4,656 ) Other noninterest expense (b) Tax effect 884 1,053 Income taxes Net of tax (3,086 ) (3,603 ) Net income Reclassification of unrealized gain on cash flow hedges 18,771 12,602 Interest income Tax effect (4,188 ) (2,851 ) Income taxes Net of tax 14,583 9,751 Net income Amortization of gain (loss) on terminated cash flow hedges 1,170 (1,353 ) Interest income Tax effect (261 ) 306 Income taxes Net of tax 909 (1,047 ) Net income Reclassification of unrealized loss on equity method investment (4,468 ) — Noninterest income Tax effect — — Income taxes Net of tax (4,468 ) — Net income Total reclassifications, net of tax $ 6,363 $ 5,394 Net income (a) Amounts in parentheses indicate reduction in net income. (b) These AOCI components are included in the computation of net periodic pension and post-retirement cost that is reported with other noninterest expense (see Note 11 – Retirement Plans for additional details). |
Other Noninterest Income (Table
Other Noninterest Income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Income Disclosure Nonoperating [Abstract] | |
Components of Other Noninterest Income | Components of other noninterest income are as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2021 2020 2021 2020 Income from bank-owned life insurance $ 3,907 $ 6,628 $ 14,535 $ 14,211 Credit related fees 2,568 2,911 8,383 8,585 Income from derivatives 2,970 1,739 11,755 9,718 Gain on sale of Mastercard Class B common stock — — 2,800 — Gain on sale of Hancock Horizon Funds 4,576 — 4,576 — Other miscellaneous 8,168 3,145 13,673 11,110 Total other noninterest income $ 22,189 $ 14,423 $ 55,722 $ 43,624 |
Other Noninterest Expense (Tabl
Other Noninterest Expense (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Expense Disclosure Nonoperating [Abstract] | |
Components of Other Noninterest Expense | Components of other noninterest expense are as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2021 2020 2021 2020 Corporate value and franchise taxes $ 3,414 $ 4,872 $ 11,300 $ 13,649 Telecommunications and postage 3,087 4,043 9,568 11,483 Advertising 3,638 3,159 8,400 10,089 Entertainment and contributions 2,280 1,315 5,214 7,146 Tax credit investment amortization 1,112 961 3,337 2,882 Printing and supplies 914 1,271 2,833 4,006 Travel expense 765 309 1,789 1,816 Net other retirement expense (7,294 ) (6,337 ) (20,645 ) (18,796 ) Loss on facilities and equipment from consolidation — — 15,462 929 Loss on extinguishment of debt — — 4,165 — Other miscellaneous 13,041 5,105 25,567 16,822 Total other noninterest expense $ 20,957 $ 14,698 $ 66,990 $ 50,026 |
Earnings (Loss) Per Common Sh_2
Earnings (Loss) Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Earnings (Loss) Per Common Share | A summary of the information used in the computation of earnings (loss) per common share follows. Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share data) 2021 2020 2021 2020 Numerator: Net income (loss) to common shareholders $ 129,582 $ 79,356 $ 325,472 $ (148,749 ) Net dividends or income allocated to participating securities - basic and diluted 2,419 1,435 6,650 1,278 Net income (loss) allocated to common shareholders - basic and diluted $ 127,163 $ 77,921 $ 318,822 $ (150,027 ) Denominator: Weighted-average common shares - basic 86,834 86,358 $ 86,800 $ 86,614 Dilutive potential common shares 172 42 151 — Weighted-average common shares - diluted 87,006 86,400 $ 86,951 $ 86,614 Earnings (loss) per common share: Basic $ 1.46 $ 0.90 $ 3.67 $ (1.73 ) Diluted $ 1.46 $ 0.90 $ 3.67 $ (1.73 ) |
Retirement Plans (Tables)
Retirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefits Cost | The following tables show the components of net periodic benefit cost included in expense for the periods indicated. Other Post- (in thousands) Pension Benefits Retirement Benefits For The Three Months Ended September 30, 2021 2020 2021 2020 Service cost $ 2,620 $ 3,207 $ 23 $ 28 Interest cost 3,552 3,892 91 106 Expected return on plan assets (11,463 ) (12,047 ) — — Amortization of net (gain) or loss and prior service costs 717 1,854 (192 ) (142 ) Net periodic benefit cost $ (4,574 ) $ (3,094 ) $ (78 ) $ (8 ) Other Post- (in thousands) Pension Benefits Retirement Benefits For the Nine Months Ended September 30, 2021 2020 2021 2020 Service cost $ 8,996 $ 9,690 $ 71 $ 78 Interest cost 9,982 12,315 257 377 Expected return on plan assets (34,854 ) (36,144 ) — — Amortization of net (gain) or loss and prior service costs 4,471 5,168 (501 ) (512 ) Special termination benefits 16,052 — 4,137 — Net periodic benefit cost $ 4,647 $ (8,971 ) $ 3,964 $ (57 ) |
Share-Based Payment Arrangeme_2
Share-Based Payment Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Nonvested Restricted and Performance Shares | A summary of the status of the Company’s nonvested restricted and performance-based share awards at September 30, 2021 are presented in the following table. Weighted Average Number of Grant Date Shares Fair Value Nonvested at January 1, 2021 1,886,853 $ 34.77 Granted 236,874 36.50 Vested (62,299 ) 33.74 Forfeited (167,411 ) 35.32 Nonvested at September 30, 2021 1,894,017 $ 34.97 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Financial Instruments | The following table presents a summary of the Company’s off-balance sheet financial instruments as of September 30, 2021 and December 31, 2020: September 30, December 31, (in thousands) 2021 2020 Commitments to extend credit $ 8,983,039 $ 8,106,223 Letters of credit 370,905 365,510 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present for each of the fair value hierarchy levels the Company’s financial assets and liabilities that are measured at fair value on a recurring basis in the consolidated balance sheets at September 30, 2021 and December 31, 2020: September 30, 2021 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 394,722 $ — $ 394,722 Municipal obligations — 316,027 — 316,027 Corporate debt securities — 14,761 — 14,761 Residential mortgage-backed securities — 3,253,393 — 3,253,393 Commercial mortgage-backed securities — 2,884,433 — 2,884,433 Collateralized mortgage obligations — 137,585 — 137,585 Total available for sale securities — 7,000,921 — 7,000,921 Mortgage loans held for sale — 72,456 — 72,456 Derivative assets (1) — 98,156 — 98,156 Total recurring fair value measurements - assets $ — $ 7,171,533 $ — $ 7,171,533 Liabilities Derivative liabilities (1) $ — $ 35,236 $ 4,472 $ 39,708 Total recurring fair value measurements - liabilities $ — $ 35,236 $ 4,472 $ 39,708 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 213,370 $ — $ 213,370 Municipal obligations — 326,725 — 326,725 Corporate debt securities — 11,764 — 11,764 Residential mortgage-backed securities — 2,629,811 — 2,629,811 Commercial mortgage-backed securities — 2,455,534 — 2,455,534 Collateralized mortgage obligations — 362,123 — 362,123 Total available for sale securities — 5,999,327 — 5,999,327 Derivative assets (1) — 150,180 — 150,180 Total recurring fair value measurements - assets $ — $ 6,149,507 $ — $ 6,149,507 Liabilities Derivative liabilities (1) $ — $ 49,612 $ 5,645 $ 55,257 Total recurring fair value measurements - liabilities $ — $ 49,612 $ 5,645 $ 55,257 (1) For further disaggregation of derivative assets and liabilities, see Note 6 - Derivatives. |
Consolidated Balance Sheets for Financial Instruments of Material Nature Measured at Fair Value on Recurring Basis | The table below presents a rollforward of the amounts on the consolidated balance sheets for the nine months ended September 30, 2021 and the year ended December 31, 2020 for financial instruments of a material nature that are classified within Level 3 of the fair value hierarchy and are measured at fair value on a recurring basis: (in thousands) Balance at December 31, 2019 $ 5,704 Cash settlement (1,656 ) Losses included in earnings 1,597 Balance at December 31, 2020 5,645 Cash settlement (1,327 ) Losses included in earnings 154 Balance at September 30, 2021 $ 4,472 |
Overview of the Valuation Techniques and Significant Unobservable Inputs | The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure the financial instrument measured on a recurring basis and classified within Level 3 of the valuation. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instrument. ($ in thousands) Fair Value Level 3 Class September 30, 2021 December 31, 2020 Derivative liability $ 4,472 $ 5,645 Valuation technique Discounted cash flow Discounted cash flow Unobservable inputs: Visa Class A appreciation - range 6%-12% 6%-12% Visa Class A appreciation - weighted average 9% 9% Conversion rate - range 1.62x-1.60x 1.62x-1.60x Conversion rate -weighted average 1.6114x 1.6114x Time until resolution 3-27 months 3-36 months |
Financial Assets Measured at Fair Value on Nonrecurring Basis | The following tables present the Company’s financial assets that are measured at fair value on a nonrecurring basis for each of the fair value hierarchy levels. September 30, 2021 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent loans individually evaluated for credit loss $ — $ 17,381 $ — $ 17,381 Other real estate owned and foreclosed assets, net — — 8,423 8,423 Total nonrecurring fair value measurements $ — $ 17,381 $ 8,423 $ 25,804 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Collateral-dependent loans individually evaluated for credit loss $ — $ 60,451 $ — $ 60,451 Other real estate owned and foreclosed assets, net — — 11,648 11,648 Total nonrecurring fair value measurements $ — $ 60,451 $ 11,648 $ 72,099 |
Estimated Fair Values of Financial Instruments | The following tables present the estimated fair values of the Company’s financial instruments by fair value hierarchy levels and the corresponding carrying amounts: September 30, 2021 Total Fair Carrying (in thousands) Level 1 Level 2 Level 3 Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 3,590,661 $ — $ — $ 3,590,661 $ 3,590,661 Available for sale securities — 7,000,921 — 7,000,921 7,000,921 Held to maturity securities — 1,385,967 — 1,385,967 1,307,701 Loans, net — 17,381 20,526,735 20,544,116 20,514,494 Loans held for sale — 90,618 — 90,618 90,618 Derivative financial instruments — 98,156 — 98,156 98,156 Financial liabilities: Deposits $ — $ — $ 29,177,424 $ 29,177,424 $ 29,208,157 Federal funds purchased 1,825 — — 1,825 1,825 Securities sold under agreements to repurchase 643,403 — — 643,403 643,403 FHLB short-term borrowings — 1,126,938 — 1,126,938 1,100,000 Long-term debt — 260,964 — 260,964 248,011 Derivative financial instruments — 35,236 4,472 39,708 39,708 December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Fair Value Carrying Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 1,860,092 $ — $ — $ 1,860,092 $ 1,860,092 Available for sale securities — 5,999,327 — 5,999,327 5,999,327 Held to maturity securities — 1,467,581 — 1,467,581 1,357,170 Loans, net — 60,451 21,472,933 21,533,384 21,339,754 Loans held for sale — 136,063 — 136,063 136,063 Derivative financial instruments — 150,180 — 150,180 150,180 Financial liabilities: Deposits $ — $ — $ 27,679,321 $ 27,679,321 $ 27,697,877 Federal funds purchased 300 — — 300 300 Securities sold under agreements to repurchase 567,213 — — 567,213 567,213 FHLB short-term borrowings — 1,147,335 — 1,147,335 1,100,000 Long-term debt — 404,880 — 404,880 378,322 Derivative financial instruments — 49,612 5,645 55,257 55,257 |
Securities (Narrative) (Details
Securities (Narrative) (Details) | Sep. 30, 2021USD ($)Security | Dec. 31, 2020USD ($)Security |
Investments Debt And Equity Securities [Abstract] | ||
Amortized cost of securities excluding accrued interest | $ 25,000,000 | $ 24,400,000 |
Securities classified as trading | 0 | 0 |
Securities pledged as collateral | 3,600,000,000 | $ 3,400,000,000 |
Allowance for credit loss | $ 0 | |
Securities that met the criteria of a credit loss event | Security | 0 | |
Number of securities with market values below their cost basis | Security | 115 | 28 |
Securities (Amortized Cost and
Securities (Amortized Cost and Fair Value of Debt Securities Available for Sale) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | $ 6,943,511 | $ 5,766,234 |
Securities Available for Sale, Gross Unrealized Gains | 143,513 | 236,826 |
Securities Available for Sale, Gross Unrealized Losses | 86,103 | 3,733 |
Securities Available for Sale, Fair Value | 7,000,921 | 5,999,327 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 394,069 | 207,365 |
Securities Available for Sale, Gross Unrealized Gains | 4,822 | 6,289 |
Securities Available for Sale, Gross Unrealized Losses | 4,169 | 284 |
Securities Available for Sale, Fair Value | 394,722 | 213,370 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 305,701 | 309,342 |
Securities Available for Sale, Gross Unrealized Gains | 13,504 | 17,536 |
Securities Available for Sale, Gross Unrealized Losses | 3,178 | 153 |
Securities Available for Sale, Fair Value | 316,027 | 326,725 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 3,256,700 | 2,560,249 |
Securities Available for Sale, Gross Unrealized Gains | 39,681 | 69,570 |
Securities Available for Sale, Gross Unrealized Losses | 42,988 | 8 |
Securities Available for Sale, Fair Value | 3,253,393 | 2,629,811 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 2,838,584 | 2,323,306 |
Securities Available for Sale, Gross Unrealized Gains | 81,615 | 135,516 |
Securities Available for Sale, Gross Unrealized Losses | 35,766 | 3,288 |
Securities Available for Sale, Fair Value | 2,884,433 | 2,455,534 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 133,957 | 354,472 |
Securities Available for Sale, Gross Unrealized Gains | 3,628 | 7,651 |
Securities Available for Sale, Fair Value | 137,585 | 362,123 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 14,500 | 11,500 |
Securities Available for Sale, Gross Unrealized Gains | 263 | 264 |
Securities Available for Sale, Gross Unrealized Losses | 2 | |
Securities Available for Sale, Fair Value | $ 14,761 | $ 11,764 |
Securities (Amortized Cost an_2
Securities (Amortized Cost and Fair Value of Debt Securities Held to Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | $ 1,307,701 | $ 1,357,170 |
Securities Held to Maturity, Gross Unrealized Gains | 79,070 | 110,413 |
Securities Held to Maturity, Gross Unrealized Losses | 804 | 2 |
Securities Held to Maturity, Fair Value | 1,385,967 | 1,467,581 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 617,289 | 627,019 |
Securities Held to Maturity, Gross Unrealized Gains | 39,989 | 51,408 |
Securities Held to Maturity, Gross Unrealized Losses | 211 | 2 |
Securities Held to Maturity, Fair Value | 657,067 | 678,425 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 47,330 | 21,951 |
Securities Held to Maturity, Gross Unrealized Gains | 985 | 1,469 |
Securities Held to Maturity, Gross Unrealized Losses | 243 | |
Securities Held to Maturity, Fair Value | 48,072 | 23,420 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 573,854 | 549,686 |
Securities Held to Maturity, Gross Unrealized Gains | 36,614 | 54,587 |
Securities Held to Maturity, Gross Unrealized Losses | 350 | |
Securities Held to Maturity, Fair Value | 610,118 | 604,273 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 69,228 | 158,514 |
Securities Held to Maturity, Gross Unrealized Gains | 1,482 | 2,949 |
Securities Held to Maturity, Fair Value | $ 70,710 | $ 161,463 |
Securities (Amortized Cost an_3
Securities (Amortized Cost and Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Investments Debt And Equity Securities [Abstract] | ||
Debt Securities Available for Sale, Due in one year or less, Amortized Cost | $ 2,290 | |
Debt Securities Available for Sale, Due after one year through five years, Amortized Cost | 636,212 | |
Debt Securities Available for Sale, Due after five years through ten years, Amortized Cost | 2,805,443 | |
Debt Securities Available for Sale, Due after ten years, Amortized Cost | 3,499,566 | |
Securities Available for Sale, Gross Amortized Cost | 6,943,511 | $ 5,766,234 |
Debt Securities Available for Sale, Due in one year or less, Fair Value | 2,294 | |
Debt Securities Available for Sale, Due after one year through five years, Fair Value | 670,865 | |
Debt Securities Available for Sale, Due after five years through ten years, Fair Value | 2,839,375 | |
Debt Securities Available for Sale, Due after ten years, Fair Value | 3,488,387 | |
Total available for sale debt securities, Fair Value | 7,000,921 | 5,999,327 |
Debt Securities Held to Maturity, Due in one year or less, Amortized Cost | 11,226 | |
Debt Securities Held to Maturity, Due after one year through five years, Amortized Cost | 336,328 | |
Debt Securities Held to Maturity, Due after five years through ten years, Amortized Cost | 548,812 | |
Debt Securities Held to Maturity, Due after ten years, Amortized Cost | 411,335 | |
Total held to maturity debt securities, Amortized Cost | 1,307,701 | 1,357,170 |
Debt Securities Held to Maturity, Due in one year or less, Fair Value | 11,371 | |
Debt Securities Held to Maturity, Due after one year through five years, Fair Value | 354,897 | |
Debt Securities Held to Maturity, Due after five years through ten years, Fair Value | 587,548 | |
Debt Securities Held to Maturity, Due after ten years, Fair Value | 432,151 | |
Total held to maturity debt securities, Fair Value | $ 1,385,967 | $ 1,467,581 |
Securities (Proceeds from Gross
Securities (Proceeds from Gross Gains on and Gross Losses on Sale of Securities) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | ||
Proceeds | $ 198,681 | $ 211,919 |
Gross gains | 1,649 | 1,984 |
Gross losses | 1,316 | 1,496 |
Net gain | $ 333 | $ 488 |
Securities (Securities Availabl
Securities (Securities Available for Sale with Unrealized Losses) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | $ 3,199,833 | $ 514,805 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 69,992 | 3,727 |
Available for sale, Losses 12 months or longer, Fair Value | 353,408 | 760 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 16,111 | 6 |
Available for sale, Total, Fair Value | 3,553,241 | 515,565 |
Available for sale, Total, Gross Unrealized Losses | 86,103 | 3,733 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 199,451 | 35,845 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 2,712 | 284 |
Available for sale, Losses 12 months or longer, Fair Value | 32,489 | |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 1,457 | |
Available for sale, Total, Fair Value | 231,940 | 35,845 |
Available for sale, Total, Gross Unrealized Losses | 4,169 | 284 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 43,297 | 30,170 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 2,098 | 153 |
Available for sale, Losses 12 months or longer, Fair Value | 25,243 | |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 1,080 | |
Available for sale, Total, Fair Value | 68,540 | 30,170 |
Available for sale, Total, Gross Unrealized Losses | 3,178 | 153 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 2,097,625 | 530 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 42,984 | 2 |
Available for sale, Losses 12 months or longer, Fair Value | 704 | 760 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 4 | 6 |
Available for sale, Total, Fair Value | 2,098,329 | 1,290 |
Available for sale, Total, Gross Unrealized Losses | 42,988 | 8 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 856,462 | 446,190 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 22,196 | 3,288 |
Available for sale, Losses 12 months or longer, Fair Value | 294,972 | |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 13,570 | |
Available for sale, Total, Fair Value | 1,151,434 | 446,190 |
Available for sale, Total, Gross Unrealized Losses | 35,766 | 3,288 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 70 | |
Available for sale, Total, Fair Value | 70 | |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 2,998 | 2,000 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 2 | |
Available for sale, Total, Fair Value | 2,998 | $ 2,000 |
Available for sale, Total, Gross Unrealized Losses | $ 2 |
Securities (Securities Held to
Securities (Securities Held to Maturity with Unrealized Losses) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | $ 27,861 | |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 804 | |
Held to maturity, Losses 12 months or longer, Fair Value | 190 | $ 2,381 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 2 | |
Held to maturity, Total, Fair Value | 28,051 | 2,381 |
Held to maturity, Total, Gross Unrealized Losses | 804 | 2 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 7,789 | |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 211 | |
Held to maturity, Losses 12 months or longer, Fair Value | 190 | 2,381 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 2 | |
Held to maturity, Total, Fair Value | 7,979 | 2,381 |
Held to maturity, Total, Gross Unrealized Losses | 211 | $ 2 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 7,821 | |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 243 | |
Held to maturity, Total, Fair Value | 7,821 | |
Held to maturity, Total, Gross Unrealized Losses | 243 | |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 11,960 | |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 350 | |
Held to maturity, Total, Fair Value | 11,960 | |
Held to maturity, Total, Gross Unrealized Losses | 350 | |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 291 | |
Held to maturity, Total, Fair Value | $ 291 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($)loan | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||||||
Accrued interest | $ 70,500 | $ 76,200 | |||||
Weighted average percentage of forecast | 50.00% | ||||||
Build back better infrastructure and social legislation package forecasted amount | $ 2,500,000,000 | ||||||
Nonaccrual loans | 60,357 | 139,879 | |||||
TDRs both accruing and nonaccruing | 10,300 | 25,800 | |||||
Unfunded commitment to borrowers related to modified TDR | 0 | 4,600 | |||||
Troubled Debt Restructurings [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Nonaccrual loans | 7,200 | 21,600 | |||||
Reduced interest rate | $ 1,100 | ||||||
Troubled Debt Restructurings [Member] | Loans With Extended Amortization Terms Or Other Payment Concessions [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Extended terms and other payment concessions | 7,100 | 700 | |||||
Troubled Debt Restructurings [Member] | Loans With Other Modifications [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Other modifications | $ 500 | 2,100 | |||||
Troubled Debt Restructurings [Member] | Loans With Significant Covenant Waivers [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Covenant waivers | $ 400 | ||||||
Downside Scenario S-2 [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Weighted average percentage of forecast | 50.00% | ||||||
Forecast [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Unemployment percentage rate forecast | 4.50% | 3.50% | 3.60% | 5.50% | |||
Gross domestic product weighted average | 2.30% | 4.30% | 6.00% | ||||
Federal reserve rate | 0.00% | ||||||
Residential Mortgages [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Nonaccrual loans | $ 25,964 | 40,573 | |||||
Residential Mortgages [Member] | Troubled Debt Restructurings [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of TDRs subsequently defaulted | loan | 1 | 1 | |||||
Recorded Investment | $ 600 | $ 600 | |||||
Commercial Non-Real Estate [Member] | Troubled Debt Restructurings [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of TDRs subsequently defaulted | loan | 1 | ||||||
Recorded Investment | $ 400 | ||||||
Consumer [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Nonaccrual loans | 12,238 | 23,385 | |||||
Real estate in process of foreclosure | 6,100 | 17,200 | |||||
Real estate acquired through foreclosure | 4,000 | 3,400 | |||||
Consumer [Member] | Troubled Debt Restructurings [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Number of TDRs subsequently defaulted | loan | 2 | ||||||
Recorded Investment | $ 200 | ||||||
Total Commercial And Industrial [Member] | Total Commercial [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Nonaccrual loans | 16,668 | 66,692 | |||||
Commercial Non-Real Estate [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Paycheck protection program loans | $ 935,300 | 2,000,000 | |||||
Commercial Non-Real Estate [Member] | Total Commercial And Industrial [Member] | Total Commercial [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Loans interest bearing rate | 1.00% | ||||||
Loans receivable percentage of origination fee description | These loans also earn an origination fee of 1%, 3%, or 5%, depending on the loan size | ||||||
Nonaccrual loans | $ 9,948 | $ 52,836 | |||||
Commercial Non-Real Estate [Member] | Total Commercial And Industrial [Member] | Minimum [Member] | Total Commercial [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Loans term | 2 years | ||||||
Loans percentage of origination fee | 1.00% | ||||||
Commercial Non-Real Estate [Member] | Total Commercial And Industrial [Member] | Maximum [Member] | Total Commercial [Member] | |||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||
Loans term | 5 years | ||||||
Loans percentage of origination fee | 5.00% |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses (Loans, Net of Unearned Income) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 20,886,015 | $ 21,789,931 | $ 22,240,204 |
Residential Mortgages [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 2,351,053 | 2,665,212 | 2,754,388 |
Consumer [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,623,116 | 1,857,295 | 1,945,918 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 3,467,939 | 3,357,939 | 3,406,554 |
Construction and Land Development [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,213,991 | 1,065,057 | 1,096,149 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 12,229,916 | 12,844,428 | 13,037,195 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 9,416,990 | 9,986,983 | 10,257,788 |
Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 2,812,926 | $ 2,857,445 | $ 2,779,407 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses (Allowance for Credit Losses by Portfolio Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | $ 450,177 | $ 191,251 | |||
Allowance for loan losses: Cumulative effect of change in accounting principle | 27,330 | ||||
Allowance for loan losses: Net provision for loan losses | $ (26,955) | $ 24,999 | (49,095) | 578,690 | |
Allowance for loan losses: Ending balance | 371,521 | 448,674 | 371,521 | 448,674 | |
Reserve for unfunded lending commitments: Beginning balance | 29,907 | 3,974 | |||
Reserve for unfunded lending commitments: Provision for losses | (961) | 222 | |||
Reserve for unfunded lending commitments: Ending balance | 28,946 | 31,526 | 28,946 | 31,526 | |
Total allowance for credit losses | 400,467 | 480,200 | 400,467 | 480,200 | |
Allowance for loan losses: Individually evaluated | 835 | 29,713 | 835 | 29,713 | |
Allowance for loan losses: Collectively evaluated | 370,686 | 418,961 | 370,686 | 418,961 | |
Reserve for unfunded lending commitments: Individually evaluated | 997 | 997 | |||
Reserve for unfunded lending commitments: Collectively evaluated | 28,946 | 30,529 | 28,946 | 30,529 | |
Loans: Individually evaluated for impairment | 22,076 | 101,637 | 22,076 | 101,637 | |
Loans: Collectively evaluated for impairment | 20,863,939 | 22,138,567 | 20,863,939 | 22,138,567 | |
Loans receivable | 20,886,015 | 22,240,204 | 20,886,015 | 22,240,204 | $ 21,789,931 |
Non-Purchased Credit Impaired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Cumulative effect of change in accounting principle | 49,411 | ||||
Allowance for loan losses: Charge-offs | (44,681) | (381,979) | |||
Allowance for loan losses: Recoveries | 14,159 | 11,523 | |||
Allowance for loan losses: Net provision for loan losses | (48,134) | 578,468 | |||
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 109,474 | 20,869 | |||
Allowance for loan losses: Cumulative effect of change in accounting principle | 449 | ||||
Allowance for loan losses: Ending balance | 121,095 | 104,652 | 121,095 | 104,652 | |
Reserve for unfunded lending commitments: Beginning balance | 1,099 | ||||
Reserve for unfunded lending commitments: Provision for losses | 124 | 1,599 | |||
Reserve for unfunded lending commitments: Ending balance | 1,223 | 2,048 | 1,223 | 2,048 | |
Total allowance for credit losses | 122,318 | 106,700 | 122,318 | 106,700 | |
Allowance for loan losses: Individually evaluated | 20 | 24 | 20 | 24 | |
Allowance for loan losses: Collectively evaluated | 121,075 | 104,628 | 121,075 | 104,628 | |
Reserve for unfunded lending commitments: Collectively evaluated | 1,223 | 2,048 | 1,223 | 2,048 | |
Loans: Individually evaluated for impairment | 4,004 | 5,549 | 4,004 | 5,549 | |
Loans: Collectively evaluated for impairment | 3,463,935 | 3,401,005 | 3,463,935 | 3,401,005 | |
Loans receivable | 3,467,939 | 3,406,554 | 3,467,939 | 3,406,554 | 3,357,939 |
Total Commercial [Member] | Construction and Land Development [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 26,462 | 9,350 | |||
Allowance for loan losses: Cumulative effect of change in accounting principle | 15,658 | ||||
Allowance for loan losses: Ending balance | 22,576 | 29,695 | 22,576 | 29,695 | |
Reserve for unfunded lending commitments: Beginning balance | 22,694 | ||||
Reserve for unfunded lending commitments: Provision for losses | (383) | 6,046 | |||
Reserve for unfunded lending commitments: Ending balance | 22,311 | 21,704 | 22,311 | 21,704 | |
Total allowance for credit losses | 44,887 | 51,399 | 44,887 | 51,399 | |
Allowance for loan losses: Individually evaluated | 20 | 169 | 20 | 169 | |
Allowance for loan losses: Collectively evaluated | 22,556 | 29,526 | 22,556 | 29,526 | |
Reserve for unfunded lending commitments: Collectively evaluated | 22,311 | 21,704 | 22,311 | 21,704 | |
Loans: Individually evaluated for impairment | 127 | 1,837 | 127 | 1,837 | |
Loans: Collectively evaluated for impairment | 1,213,864 | 1,094,312 | 1,213,864 | 1,094,312 | |
Loans receivable | 1,213,991 | 1,096,149 | 1,213,991 | 1,096,149 | 1,065,057 |
Total Commercial [Member] | Non-Purchased Credit Impaired Loans [Member] | Commercial Real Estate - Income Producing [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Cumulative effect of change in accounting principle | 7,287 | ||||
Allowance for loan losses: Charge-offs | (231) | (2,211) | |||
Allowance for loan losses: Recoveries | 100 | 46 | |||
Allowance for loan losses: Net provision for loan losses | 11,752 | 78,661 | |||
Total Commercial [Member] | Non-Purchased Credit Impaired Loans [Member] | Construction and Land Development [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Cumulative effect of change in accounting principle | 7,478 | ||||
Allowance for loan losses: Charge-offs | (267) | (7) | |||
Allowance for loan losses: Recoveries | 1,548 | 549 | |||
Allowance for loan losses: Net provision for loan losses | (5,167) | 12,325 | |||
Total Commercial [Member] | Total Commercial And Industrial [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 218,827 | 117,409 | |||
Allowance for loan losses: Cumulative effect of change in accounting principle | 6,060 | ||||
Allowance for loan losses: Ending balance | 163,442 | 214,072 | 163,442 | 214,072 | |
Reserve for unfunded lending commitments: Beginning balance | 4,910 | 3,974 | |||
Reserve for unfunded lending commitments: Provision for losses | (307) | (3,599) | |||
Reserve for unfunded lending commitments: Ending balance | 4,603 | 6,435 | 4,603 | 6,435 | |
Total allowance for credit losses | 168,045 | 220,507 | 168,045 | 220,507 | |
Allowance for loan losses: Individually evaluated | 146 | 28,648 | 146 | 28,648 | |
Allowance for loan losses: Collectively evaluated | 163,296 | 185,424 | 163,296 | 185,424 | |
Reserve for unfunded lending commitments: Individually evaluated | 992 | 992 | |||
Reserve for unfunded lending commitments: Collectively evaluated | 4,603 | 5,443 | 4,603 | 5,443 | |
Loans: Individually evaluated for impairment | 11,547 | 84,263 | 11,547 | 84,263 | |
Loans: Collectively evaluated for impairment | 12,218,369 | 12,952,932 | 12,218,369 | 12,952,932 | |
Loans receivable | 12,229,916 | 13,037,195 | 12,229,916 | 13,037,195 | 12,844,428 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 149,693 | 106,432 | |||
Allowance for loan losses: Cumulative effect of change in accounting principle | 5,772 | ||||
Allowance for loan losses: Ending balance | 106,309 | 148,051 | 106,309 | 148,051 | |
Reserve for unfunded lending commitments: Beginning balance | 4,529 | 3,974 | |||
Reserve for unfunded lending commitments: Provision for losses | (176) | (3,786) | |||
Reserve for unfunded lending commitments: Ending balance | 4,353 | 5,960 | 4,353 | 5,960 | |
Total allowance for credit losses | 110,662 | 154,011 | 110,662 | 154,011 | |
Allowance for loan losses: Individually evaluated | 113 | 27,304 | 113 | 27,304 | |
Allowance for loan losses: Collectively evaluated | 106,196 | 120,747 | 106,196 | 120,747 | |
Reserve for unfunded lending commitments: Individually evaluated | 992 | 992 | |||
Reserve for unfunded lending commitments: Collectively evaluated | 4,353 | 4,968 | 4,353 | 4,968 | |
Loans: Individually evaluated for impairment | 5,929 | 73,139 | 5,929 | 73,139 | |
Loans: Collectively evaluated for impairment | 9,411,061 | 10,184,649 | 9,411,061 | 10,184,649 | |
Loans receivable | 9,416,990 | 10,257,788 | 9,416,990 | 10,257,788 | 9,986,983 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 69,134 | 10,977 | |||
Allowance for loan losses: Cumulative effect of change in accounting principle | 288 | ||||
Allowance for loan losses: Ending balance | 57,133 | 66,021 | 57,133 | 66,021 | |
Reserve for unfunded lending commitments: Beginning balance | 381 | ||||
Reserve for unfunded lending commitments: Provision for losses | (131) | 187 | |||
Reserve for unfunded lending commitments: Ending balance | 250 | 475 | 250 | 475 | |
Total allowance for credit losses | 57,383 | 66,496 | 57,383 | 66,496 | |
Allowance for loan losses: Individually evaluated | 33 | 1,344 | 33 | 1,344 | |
Allowance for loan losses: Collectively evaluated | 57,100 | 64,677 | 57,100 | 64,677 | |
Reserve for unfunded lending commitments: Collectively evaluated | 250 | 475 | 250 | 475 | |
Loans: Individually evaluated for impairment | 5,618 | 11,124 | 5,618 | 11,124 | |
Loans: Collectively evaluated for impairment | 2,807,308 | 2,768,283 | 2,807,308 | 2,768,283 | |
Loans receivable | 2,812,926 | 2,779,407 | 2,812,926 | 2,779,407 | 2,857,445 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Non-Purchased Credit Impaired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Cumulative effect of change in accounting principle | 14,633 | ||||
Allowance for loan losses: Charge-offs | (34,091) | (365,951) | |||
Allowance for loan losses: Recoveries | 6,942 | 5,490 | |||
Allowance for loan losses: Net provision for loan losses | (28,236) | 442,491 | |||
Total Commercial [Member] | Total Commercial And Industrial [Member] | Non-Purchased Credit Impaired Loans [Member] | Commercial Non-Real Estate [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Cumulative effect of change in accounting principle | (244) | ||||
Allowance for loan losses: Charge-offs | (32,369) | (364,123) | |||
Allowance for loan losses: Recoveries | 6,579 | 4,831 | |||
Allowance for loan losses: Net provision for loan losses | (17,594) | 401,155 | |||
Total Commercial [Member] | Total Commercial And Industrial [Member] | Non-Purchased Credit Impaired Loans [Member] | Commercial Real Estate - Owner Occupied [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Cumulative effect of change in accounting principle | 14,877 | ||||
Allowance for loan losses: Charge-offs | (1,722) | (1,828) | |||
Allowance for loan losses: Recoveries | 363 | 659 | |||
Allowance for loan losses: Net provision for loan losses | (10,642) | 41,336 | |||
Residential Mortgages [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 48,842 | 20,331 | |||
Allowance for loan losses: Cumulative effect of change in accounting principle | 17 | ||||
Allowance for loan losses: Ending balance | 31,073 | 51,773 | 31,073 | 51,773 | |
Reserve for unfunded lending commitments: Beginning balance | 19 | ||||
Reserve for unfunded lending commitments: Provision for losses | (8) | (11) | |||
Reserve for unfunded lending commitments: Ending balance | 11 | 6 | 11 | 6 | |
Total allowance for credit losses | 31,084 | 51,779 | 31,084 | 51,779 | |
Allowance for loan losses: Individually evaluated | 447 | 416 | 447 | 416 | |
Allowance for loan losses: Collectively evaluated | 30,626 | 51,357 | 30,626 | 51,357 | |
Reserve for unfunded lending commitments: Collectively evaluated | 11 | 6 | 11 | 6 | |
Loans: Individually evaluated for impairment | 5,083 | 6,064 | 5,083 | 6,064 | |
Loans: Collectively evaluated for impairment | 2,345,970 | 2,748,324 | 2,345,970 | 2,748,324 | |
Loans receivable | 2,351,053 | 2,754,388 | 2,351,053 | 2,754,388 | 2,665,212 |
Residential Mortgages [Member] | Non-Purchased Credit Impaired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Cumulative effect of change in accounting principle | 12,921 | ||||
Allowance for loan losses: Charge-offs | (218) | (170) | |||
Allowance for loan losses: Recoveries | 933 | 1,078 | |||
Allowance for loan losses: Net provision for loan losses | (18,484) | 17,613 | |||
Consumer [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Beginning balance | 46,572 | 23,292 | |||
Allowance for loan losses: Cumulative effect of change in accounting principle | 5,146 | ||||
Allowance for loan losses: Ending balance | 33,335 | 48,482 | 33,335 | 48,482 | |
Reserve for unfunded lending commitments: Beginning balance | 1,185 | ||||
Reserve for unfunded lending commitments: Provision for losses | (387) | (3,813) | |||
Reserve for unfunded lending commitments: Ending balance | 798 | 1,333 | 798 | 1,333 | |
Total allowance for credit losses | 34,133 | 49,815 | 34,133 | 49,815 | |
Allowance for loan losses: Individually evaluated | 202 | 456 | 202 | 456 | |
Allowance for loan losses: Collectively evaluated | 33,133 | 48,026 | 33,133 | 48,026 | |
Reserve for unfunded lending commitments: Individually evaluated | 5 | 5 | |||
Reserve for unfunded lending commitments: Collectively evaluated | 798 | 1,328 | 798 | 1,328 | |
Loans: Individually evaluated for impairment | 1,315 | 3,924 | 1,315 | 3,924 | |
Loans: Collectively evaluated for impairment | 1,621,801 | 1,941,994 | 1,621,801 | 1,941,994 | |
Loans receivable | $ 1,623,116 | $ 1,945,918 | 1,623,116 | 1,945,918 | $ 1,857,295 |
Consumer [Member] | Non-Purchased Credit Impaired Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowance for loan losses: Cumulative effect of change in accounting principle | 7,092 | ||||
Allowance for loan losses: Charge-offs | (9,874) | (13,640) | |||
Allowance for loan losses: Recoveries | 4,636 | 4,360 | |||
Allowance for loan losses: Net provision for loan losses | $ (7,999) | $ 27,378 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses (Composition of Nonaccrual Loans and Without an Allowance for Loan Loss by Portfolio Class) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | $ 60,357 | $ 139,879 |
Nonaccrual without allowance for loan loss | 16,598 | 25,127 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 4,249 | 6,743 |
Nonaccrual without allowance for loan loss | 3,922 | |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 1,238 | 2,486 |
Nonaccrual without allowance for loan loss | 1,116 | |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 25,964 | 40,573 |
Nonaccrual without allowance for loan loss | 1,598 | 1,705 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 12,238 | 23,385 |
Nonaccrual without allowance for loan loss | 250 | |
Total Commercial And Industrial [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 16,668 | 66,692 |
Nonaccrual without allowance for loan loss | 10,828 | 22,306 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 9,948 | 52,836 |
Nonaccrual without allowance for loan loss | 5,449 | 15,268 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Nonaccrual | 6,720 | 13,856 |
Nonaccrual without allowance for loan loss | $ 5,379 | $ 7,038 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses (Troubled Debt Restructurings Modified by Portfolio Class) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)contract | Sep. 30, 2020USD ($)contract | Sep. 30, 2021USD ($)contract | Sep. 30, 2020USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 1 | 7 | 10 | 25 |
Pre-Modification Outstanding Recorded Investment | $ 196 | $ 1,383 | $ 7,536 | $ 4,273 |
Post-Modification Outstanding Recorded Investment | $ 196 | $ 1,383 | $ 7,559 | $ 4,273 |
Total Commercial [Member] | Construction and Land Development [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 1 | |||
Pre-Modification Outstanding Recorded Investment | $ 15 | |||
Post-Modification Outstanding Recorded Investment | $ 15 | |||
Residential Mortgages [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 1 | 5 | 3 | 14 |
Pre-Modification Outstanding Recorded Investment | $ 196 | $ 1,358 | $ 515 | $ 3,424 |
Post-Modification Outstanding Recorded Investment | $ 196 | $ 1,358 | $ 538 | $ 3,424 |
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 2 | 4 | 7 | |
Pre-Modification Outstanding Recorded Investment | $ 25 | $ 86 | $ 89 | |
Post-Modification Outstanding Recorded Investment | $ 25 | $ 86 | $ 89 | |
Total Commercial And Industrial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 3 | 3 | ||
Pre-Modification Outstanding Recorded Investment | $ 6,935 | $ 745 | ||
Post-Modification Outstanding Recorded Investment | $ 6,935 | $ 745 | ||
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 3 | 3 | ||
Pre-Modification Outstanding Recorded Investment | $ 6,935 | $ 745 | ||
Post-Modification Outstanding Recorded Investment | $ 6,935 | $ 745 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses (Aging Analysis of Past Due Loans by Portfolio Class) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | $ 20,886,015 | $ 21,789,931 | $ 22,240,204 |
Recorded Investment > 90 Days and Accruing | 9,970 | 3,361 | |
30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 30,477 | 56,684 | |
60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 13,756 | 19,269 | |
Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 47,490 | 100,538 | |
Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 91,723 | 176,491 | |
Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 20,794,292 | 21,613,440 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,467,939 | 3,357,939 | 3,406,554 |
Recorded Investment > 90 Days and Accruing | 1,346 | 182 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,175 | 1,494 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,474 | 798 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 5,441 | 5,744 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 8,090 | 8,036 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,459,849 | 3,349,903 | |
Total Commercial [Member] | Construction and Land Development [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,213,991 | 1,065,057 | 1,096,149 |
Recorded Investment > 90 Days and Accruing | 57 | ||
Total Commercial [Member] | Construction and Land Development [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 369 | 4,168 | |
Total Commercial [Member] | Construction and Land Development [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 733 | 284 | |
Total Commercial [Member] | Construction and Land Development [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,035 | 2,001 | |
Total Commercial [Member] | Construction and Land Development [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 2,137 | 6,453 | |
Total Commercial [Member] | Construction and Land Development [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,211,854 | 1,058,604 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 12,229,916 | 12,844,428 | 13,037,195 |
Recorded Investment > 90 Days and Accruing | 7,370 | 1,538 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 11,384 | 9,488 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 2,862 | 3,317 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 16,116 | 53,193 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 30,362 | 65,998 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 12,199,554 | 12,778,430 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 9,416,990 | 9,986,983 | 10,257,788 |
Recorded Investment > 90 Days and Accruing | 7,228 | 583 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 5,623 | 7,963 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 2,100 | 2,564 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 14,568 | 39,530 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 22,291 | 50,057 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 9,394,699 | 9,936,926 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 2,812,926 | 2,857,445 | 2,779,407 |
Recorded Investment > 90 Days and Accruing | 142 | 955 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 5,761 | 1,525 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 762 | 753 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,548 | 13,663 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 8,071 | 15,941 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 2,804,855 | 2,841,504 | |
Residential Mortgages [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 2,351,053 | 2,665,212 | 2,754,388 |
Recorded Investment > 90 Days and Accruing | 254 | 912 | |
Residential Mortgages [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,799 | 29,319 | |
Residential Mortgages [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 5,579 | 9,858 | |
Residential Mortgages [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 17,567 | 27,886 | |
Residential Mortgages [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 26,945 | 67,063 | |
Residential Mortgages [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 2,324,108 | 2,598,149 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 1,623,116 | 1,857,295 | $ 1,945,918 |
Recorded Investment > 90 Days and Accruing | 943 | 729 | |
Consumer [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 13,750 | 12,215 | |
Consumer [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 3,108 | 5,012 | |
Consumer [Member] | Greater Than 90 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 7,331 | 11,714 | |
Consumer [Member] | Total Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 24,189 | 28,941 | |
Consumer [Member] | Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | $ 1,598,927 | $ 1,828,354 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses (Credit Quality Indicators by Segment and Portfolio Class) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 16,911,846 | $ 17,267,424 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 12,229,916 | 12,844,428 |
Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 16,246,940 | 16,332,902 |
Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 11,692,719 | 12,080,687 |
Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 371,296 | 541,885 |
Total Commercial [Member] | Pass-Watch [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 272,920 | 429,097 |
Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 77,767 | 137,592 |
Total Commercial [Member] | Special Mention [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 71,141 | 125,852 |
Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 215,843 | 255,045 |
Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 193,136 | 208,792 |
Residential Mortgages [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,351,053 | 2,665,212 |
Residential Mortgages [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,323,682 | 2,622,422 |
Residential Mortgages [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 27,371 | 42,790 |
Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,623,116 | 1,857,295 |
Consumer [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,609,813 | 1,832,885 |
Consumer [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 13,303 | 24,410 |
Residential Mortgage and Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,974,169 | 4,522,507 |
Residential Mortgage and Consumer [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,933,495 | 4,455,307 |
Residential Mortgage and Consumer [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 40,674 | 67,200 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 9,416,990 | 9,986,983 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 9,032,981 | 9,439,264 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass-Watch [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 204,260 | 314,739 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Special Mention [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 46,263 | 79,613 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 133,486 | 153,367 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,812,926 | 2,857,445 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,659,738 | 2,641,423 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Pass-Watch [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 68,660 | 114,358 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Special Mention [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 24,878 | 46,239 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 59,650 | 55,425 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,467,939 | 3,357,939 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,363,503 | 3,219,155 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 79,328 | 89,968 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,739 | 5,989 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 20,369 | 42,827 |
Construction and Land Development [Member] | Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,213,991 | 1,065,057 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,190,718 | 1,033,060 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 19,048 | 22,820 |
Construction and Land Development [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,887 | 5,751 |
Construction and Land Development [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 2,338 | $ 3,426 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses (Disaggregation of Credit Quality Disclosures) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2021 | $ 3,999,639 | |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 3,447,115 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 2,425,787 | |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 1,434,200 | |
Term Loans, Amortized Cost Basis by Origination Year, 2017 | 1,175,313 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 1,633,575 | |
Revolving Loans | 2,667,146 | |
Revolving Loans Converted to Term Loans | 129,071 | |
Notes Receivable Gross | 16,911,846 | $ 17,267,424 |
Total Commercial [Member] | Pass [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 3,916,476 | |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 3,333,009 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 2,308,701 | |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 1,374,599 | |
Term Loans, Amortized Cost Basis by Origination Year, 2017 | 1,105,917 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 1,520,061 | |
Revolving Loans | 2,582,321 | |
Revolving Loans Converted to Term Loans | 105,856 | |
Notes Receivable Gross | 16,246,940 | 16,332,902 |
Total Commercial [Member] | Pass-Watch [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 40,835 | |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 59,789 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 71,484 | |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 31,238 | |
Term Loans, Amortized Cost Basis by Origination Year, 2017 | 22,528 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 82,569 | |
Revolving Loans | 47,600 | |
Revolving Loans Converted to Term Loans | 15,253 | |
Notes Receivable Gross | 371,296 | 541,885 |
Total Commercial [Member] | Special Mention [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 15,346 | |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 3,105 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 6,857 | |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 11,061 | |
Term Loans, Amortized Cost Basis by Origination Year, 2017 | 19,648 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 8,613 | |
Revolving Loans | 11,841 | |
Revolving Loans Converted to Term Loans | 1,296 | |
Notes Receivable Gross | 77,767 | 137,592 |
Total Commercial [Member] | Substandard [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 26,982 | |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 51,212 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 38,745 | |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 17,302 | |
Term Loans, Amortized Cost Basis by Origination Year, 2017 | 27,220 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 22,332 | |
Revolving Loans | 25,384 | |
Revolving Loans Converted to Term Loans | 6,666 | |
Notes Receivable Gross | 215,843 | 255,045 |
Residential Mortgage and Consumer [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 330,749 | |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 462,370 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 403,676 | |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 269,386 | |
Term Loans, Amortized Cost Basis by Origination Year, 2017 | 372,720 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 998,690 | |
Revolving Loans | 1,129,472 | |
Revolving Loans Converted to Term Loans | 7,106 | |
Notes Receivable Gross | 3,974,169 | 4,522,507 |
Residential Mortgage and Consumer [Member] | Performing [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 330,316 | |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 461,269 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 401,774 | |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 265,787 | |
Term Loans, Amortized Cost Basis by Origination Year, 2017 | 367,106 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 973,576 | |
Revolving Loans | 1,128,048 | |
Revolving Loans Converted to Term Loans | 5,619 | |
Notes Receivable Gross | 3,933,495 | 4,455,307 |
Residential Mortgage and Consumer [Member] | Nonperforming [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Term Loans, Amortized Cost Basis by Origination Year, 2021 | 433 | |
Term Loans, Amortized Cost Basis by Origination Year, 2020 | 1,101 | |
Term Loans, Amortized Cost Basis by Origination Year, 2019 | 1,902 | |
Term Loans, Amortized Cost Basis by Origination Year, 2018 | 3,599 | |
Term Loans, Amortized Cost Basis by Origination Year, 2017 | 5,614 | |
Term Loans, Amortized Cost Basis by Origination Year, Prior | 25,114 | |
Revolving Loans | 1,424 | |
Revolving Loans Converted to Term Loans | 1,487 | |
Notes Receivable Gross | $ 40,674 | $ 67,200 |
Securities Sold under Agreeme_2
Securities Sold under Agreements to Repurchase (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Brokers And Dealers [Abstract] | ||
Securities sold under agreements to repurchase | $ 643.4 | $ 567.2 |
Long-Term Debt (Long-Term Debt)
Long-Term Debt (Long-Term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Jun. 09, 2020 |
Debt Instrument [Line Items] | |||
Gross long-term debt | $ 253,885 | ||
Less: unamortized debt issuance costs | (5,874) | $ (10,240) | |
Total long-term debt | 248,011 | 378,322 | |
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing June 2045 [Member] | |||
Debt Instrument [Line Items] | |||
Gross long-term debt | 150,000 | ||
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing June 2060 [Member] | |||
Debt Instrument [Line Items] | |||
Gross long-term debt | 172,500 | 172,500 | $ 172,500 |
Less: unamortized debt issuance costs | (5,874) | ||
Other Long-Term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Gross long-term debt | $ 81,385 | $ 66,062 |
Long-Term Debt (Long-Term Debt
Long-Term Debt (Long-Term Debt with Related Unamortized Debt Issuance Cost) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Jun. 09, 2020 |
Debt Instrument [Line Items] | |||
Principal | $ 253,885 | ||
Unamortized Debt Issuance Costs | 5,874 | $ 10,240 | |
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing June 2060 [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 172,500 | 172,500 | $ 172,500 |
Unamortized Debt Issuance Costs | 5,874 | ||
Other Long-Term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal | $ 81,385 | $ 66,062 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands | Jun. 15, 2021 | Jun. 09, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Notes payable aggregate principal amount | $ 253,885 | |||
Loss on extinguishment of debt | $ 4,165 | |||
Other long-term debt maturity year | 2050 | |||
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing June 2045 [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable redemption start date | Jun. 15, 2021 | |||
Notes payable interest rate | 5.95% | |||
Notes payable aggregate principal amount | $ 150,000 | |||
Notes payable redeemed principal plus accrued and unpaid interest rate | 100.00% | |||
Loss on extinguishment of debt | $ 4,200 | |||
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing June 2060 [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable redemption start date | Jun. 15, 2025 | |||
Notes payable interest rate | 6.25% | |||
Notes payable aggregate principal amount | $ 172,500 | $ 172,500 | $ 172,500 | |
Notes payable issuance date | Jun. 9, 2020 | |||
Notes payable maturity date | Jun. 15, 2060 | |||
Notes payable beginning payment date | Sep. 15, 2020 | |||
Other Long-Term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes payable aggregate principal amount | $ 81,385 | $ 66,062 | ||
Notes payable agreement period | 7 years |
Derivatives (Fair Values of Der
Derivatives (Fair Values of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | ||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | $ 8,382,935 | $ 7,975,022 | |
Fair Values, Assets | 4,911 | 2,869 | |
Less: netting adjustment, Assets | [1],[2] | (39,988) | (57,648) |
Fair Values, Liabilities | 29,105 | 44,841 | |
Less: netting adjustment, Liabilities | [1],[2] | (70,817) | (124,204) |
Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 138,144 | 207,828 |
Total derivative assets/liabilities | [1] | 98,156 | 150,180 |
Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Total derivative assets/liabilities | [1] | 39,708 | 55,257 |
Fair Values, Liabilities | [1] | 110,525 | 179,461 |
Derivatives Designated as Hedging Instruments [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 2,633,150 | 2,333,150 | |
Derivatives Designated as Hedging Instruments [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 38,360 | 57,648 |
Derivatives Designated as Hedging Instruments [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 8,609 | 18,920 |
Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 5,749,785 | 5,641,872 | |
Derivatives Not Designated as Hedging Instruments [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 99,784 | 150,180 |
Derivatives Not Designated as Hedging Instruments [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 101,916 | 160,541 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 5,174,836 | 4,806,258 | |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 96,176 | 145,517 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 95,297 | 148,778 |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 218,947 | 216,511 | |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 2 | 35 |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 5 | 108 |
Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 67,476 | 310,458 | |
Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 19 | |
Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 1,010 | 3,211 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 108,155 | 206,258 | |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 2,038 | 1,793 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 14 | |
Derivatives Not Designated as Hedging Instruments [Member] | To Be Announced (TBA) Securities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 74,000 | ||
Derivatives Not Designated as Hedging Instruments [Member] | To Be Announced (TBA) Securities [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 318 | |
Derivatives Not Designated as Hedging Instruments [Member] | To Be Announced (TBA) Securities [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 18 | |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 62,806 | 58,822 | |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 1,250 | 2,816 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 1,114 | 2,785 |
Derivatives Not Designated as Hedging Instruments [Member] | Visa Class B derivative contract [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 43,565 | 43,565 | |
Derivatives Not Designated as Hedging Instruments [Member] | Visa Class B derivative contract [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 4,472 | 5,645 |
Cash Flow Hedge [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Variable Rate Loans [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 1,025,000 | 1,175,000 | |
Cash Flow Hedge [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Variable Rate Loans [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 9,731 | 50,962 |
Cash Flow Hedge [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Variable Rate Loans [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 867 | |
Fair Value Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Securities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 1,608,150 | 1,158,150 | |
Fair Value Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Securities [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 28,629 | 6,686 |
Fair Value Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Securities [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | $ 7,742 | $ 18,920 |
[1] | Derivative assets and liabilities are reported at fair value in other assets or other liabilities, respectively, in the consolidated balance sheets. | ||
[2] | Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Notional amount of derivatives | $ 8,382,935 | $ 7,975,022 |
Fair value liability | 4,500 | 5,600 |
Credit risk-related contingent features, net liability position | 56,900 | 109,700 |
Credit risk-related contingent features, posted collateral | 24,300 | 44,700 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | 2,633,150 | 2,333,150 |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | ||
Derivative [Line Items] | ||
Amortization of accumulated other comprehensive loss on terminated cash flow hedges | 23,700 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 1, Expires 2021 [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 50,000 | |
Derivative maturity expiration year | 2021 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 2, Expires 2022 [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 475,000 | |
Derivative maturity expiration year | 2022 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 3, Expires 2023 [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 150,000 | |
Derivative maturity expiration year | 2023 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 4, Expires 2026 [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 100,000 | |
Derivative maturity expiration year | 2026 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 5, Expires Thereafter [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 250,000 | |
Interest Rate Swaps - Securities [Member] | Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | 1,608,150 | $ 1,158,150 |
Derivative hedged item | 1,500,000 | |
Basis adjustment associated with hedged items | 21,000 | |
Interest Rate Swaps - Securities [Member] | Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | Commercial Mortgage-Backed Securities [Member] | ||
Derivative [Line Items] | ||
Amortized cost basis of closed portfolio of pre-payable securities | $ 1,700,000 |
Derivatives (Effects of Derivat
Derivatives (Effects of Derivative Instruments on the Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | $ 8,692 | $ 7,520 | $ 36,412 | $ 21,046 |
Derivatives Designated as Hedging Instruments [Member] | Other Noninterest Income [Member] | Customer and All Other Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | 2,970 | 1,739 | 11,755 | 9,718 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Interest Income [Member] | Interest Rate Swaps - Variable Rate Loans [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | 6,950 | 5,788 | 19,941 | 11,249 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | Interest Income [Member] | Interest Rate Swaps - Securities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | 21 | $ (7) | (6) | 33 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | Securities Transactions Net [Member] | Securities Termination [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | 2,499 | |||
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | Interest Expense [Member] | Brokered Deposits [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | $ 46 | |||
Derivatives Not Designated as Hedging Instruments [Member] | Secondary Mortgage Market Operations [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative income reflected in income statement | $ (1,249) | $ 2,223 |
Derivatives (Offsetting Derivat
Derivatives (Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Gross Amounts Recognized, Derivative Assets | $ 46,013 | $ 61,529 |
Gross Amounts Offset in the Statement of Financial Condition, Derivative Assets | (41,102) | (58,660) |
Net Amounts Presented in the Statement of Financial Condition, Derivative Assets | 4,911 | 2,869 |
Gross Amounts Not Offset in the Statement of Financial Condition - Financial Instruments, Derivative Assets | 4,911 | 2,869 |
Gross Amounts Not offset in the Statement of Financial Condition - Cash Collateral, Derivative Assets | 0 | 0 |
Net Amounts Presented in the Statement of Financial Condition, Derivative Assets | 0 | 0 |
Gross Amounts Recognized, Derivative Liabilities | 101,940 | 171,275 |
Gross Amounts Offset in the Statement of Financial Condition, Derivative Liabilities | (72,835) | (126,434) |
Net Amounts Presented in the Statement of Financial Condition, Derivative Liabilities | 29,105 | 44,841 |
Gross Amounts Not Offset in the Statement of Financial Condition - Financial Instruments, Derivative Liabilities | 4,911 | 2,869 |
Gross Amounts Not offset in the Statement of Financial Condition - Cash Collateral, Derivative Liabilities | 69,668 | 90,312 |
Gross Amounts Not Offset in the Statement of Financial Condition - Net Amount, Derivatives Liabilities | $ (45,474) | $ (48,340) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 22, 2021 | Mar. 18, 2020 | Oct. 18, 2019 | Sep. 23, 2019 | Jan. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Mar. 27, 2020 |
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Treasury stock shares | 4,600,000 | 4,600,000 | 4,500,000 | |||||||
Treasury stock, Cost basis | $ 151,300 | $ 151,300 | $ 150,700 | |||||||
Shares repurchased | 56,349 | 56,349 | 315,851 | |||||||
Payments for repurchase of common stock | $ 2,509 | $ 12,716 | ||||||||
Implementation CECL [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Regulatory capital modified transition amount percentage | 25.00% | |||||||||
Implementation CECL [Member] | Regulatory Capital Transition For First Two Years [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Regulatory capital transition percentage | 0.00% | |||||||||
Implementation CECL [Member] | Regulatory Capital Three Year Transition, Year 2022 [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Regulatory capital transition percentage | 25.00% | |||||||||
Implementation CECL [Member] | Regulatory Capital Three Year Transition, Year 2023 [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Regulatory capital transition percentage | 50.00% | |||||||||
Implementation CECL [Member] | Regulatory Capital Three Year Transition, Year 2024 [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Regulatory capital transition percentage | 75.00% | |||||||||
Implementation CECL [Member] | Regulatory Capital Three Year Transition, Year 2024 and Thereafter [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Regulatory capital transition percentage | 100.00% | |||||||||
Common Stock [Member] | Accelerated Share Repurchase Agreement | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Number of shares authorized for repurchase | 5,500,000 | 5,500,000 | ||||||||
Shares repurchased | 1,001,472 | 3,611,870 | 315,851 | 4,900,000 | ||||||
Shares purchased average cost per share | $ 40.26 | $ 37.65 | ||||||||
Share repurchase, authorized amount | $ 185,000 | |||||||||
Payments for repurchase of common stock | $ 185,000 | |||||||||
Percentage of shares repurchased among authorized | 75.00% | |||||||||
Proceeds from repurchase of common stock | $ 12,100 | |||||||||
2018 Stock Buyback Program [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Number of shares authorized for repurchase | 4,300,000 | 5,500,000 | ||||||||
Stock repurchase expiration date | Dec. 31, 2022 | Dec. 31, 2020 | ||||||||
2018 Stock Buyback Program [Member] | Common Stock [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Shares repurchased | 56,349 | |||||||||
Shares purchased average cost per share | $ 44.52 | |||||||||
Restricted Stock [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Number of shares nonvested | 1,600,000 | 1,600,000 | 1,700,000 |
Stockholders' Equity (Component
Stockholders' Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 80,069 | $ (54,724) | ||
Net change in unrealized gain or loss | $ (48,569) | $ 425 | (143,924) | 217,254 |
Reclassification of net income or loss realized and included in earnings | (6,425) | (4,076) | (9,337) | (6,593) |
Valuation adjustment to employee benefit plans | (10,251) | |||
Valuation Adjustments to Pension Plan attributable to VERIP and Curtailment | 59,606 | |||
Other valuation adjustments to employee benefit plans | (10,651) | |||
Amortization of unrealized net gain or loss on securities transferred to HTM | (33) | (89) | (134) | (378) |
Income tax expense (benefit) | (12,363) | 48 | (24,569) | 46,370 |
Ending Balance | 198 | 98,938 | 198 | 98,938 |
Equity Method Investment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (5,369) | (434) | ||
Net change in unrealized gain or loss | 438 | (4,935) | ||
Reclassification of net income or loss realized and included in earnings | 4,468 | |||
Ending Balance | (463) | (5,369) | (463) | (5,369) |
Accumulated Other Comprehensive Loss Available for Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 171,224 | 28,950 | ||
Net change in unrealized gain or loss | (144,715) | 176,009 | ||
Reclassification of net income or loss realized and included in earnings | 2,166 | |||
Income tax expense (benefit) | (31,952) | 39,817 | ||
Ending Balance | 60,627 | 165,142 | 60,627 | 165,142 |
Held to Maturity Securities Transferred from AFS [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 276 | 639 | ||
Amortization of unrealized net gain or loss on securities transferred to HTM | (134) | (378) | ||
Income tax expense (benefit) | (30) | (85) | ||
Ending Balance | 172 | 346 | 172 | 346 |
Employee Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (125,573) | (101,278) | ||
Reclassification of net income or loss realized and included in earnings | 3,970 | 4,656 | ||
Valuation adjustment to employee benefit plans | (10,251) | |||
Valuation Adjustments to Pension Plan attributable to VERIP and Curtailment | 59,606 | |||
Other valuation adjustments to employee benefit plans | (10,651) | |||
Income tax expense (benefit) | 11,783 | (1,265) | ||
Ending Balance | (84,431) | (105,608) | (84,431) | (105,608) |
Gains and Losses on Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 39,511 | 17,399 | ||
Net change in unrealized gain or loss | 353 | 46,180 | ||
Reclassification of net income or loss realized and included in earnings | (19,941) | (11,249) | ||
Income tax expense (benefit) | (4,370) | 7,903 | ||
Ending Balance | $ 24,293 | $ 44,427 | $ 24,293 | $ 44,427 |
Stockholders' Equity (Line Item
Stockholders' Equity (Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit pension and post-retirement items | $ (10,251) | ||
Employee Benefit Plans [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit pension and post-retirement items | (10,251) | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications, net of tax | [1] | $ 6,363 | 5,394 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Other Comprehensive Loss Available for Sale Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Loss on sale of AFS securities | [1] | (2,166) | |
Tax effect | [1] | 487 | |
Net of tax | [1] | (1,679) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Held to Maturity Securities Transferred from AFS [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of unrealized net gain on securities transferred to HTM | [1] | 134 | 378 |
Tax effect | [1] | (30) | (85) |
Net of tax | [1] | 104 | 293 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Employee Benefit Plans [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of defined benefit pension and post-retirement items | [1],[2] | (3,970) | (4,656) |
Tax effect | [1] | 884 | 1,053 |
Net of tax | [1] | (3,086) | (3,603) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification of unrealized gain on cash flow hedges | [1] | 18,771 | 12,602 |
Tax effect | [1] | (4,188) | (2,851) |
Net of tax | [1] | 14,583 | 9,751 |
Amortization of gain (loss) on terminated cash flow hedges | [1] | 1,170 | (1,353) |
Tax effect | [1] | (261) | 306 |
Net of tax | [1] | 909 | $ (1,047) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and Losses on Equity Method Investment [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification of unrealized loss on equity method investment | [1] | (4,468) | |
Net of tax | [1] | $ (4,468) | |
[1] | Amounts in parentheses indicate reduction in net income. | ||
[2] | These AOCI components are included in the computation of net periodic pension and post-retirement cost that is reported with other noninterest expense (see Note 11 – Retirement Plans for additional details). |
Other Noninterest Income (Compo
Other Noninterest Income (Components of Other Noninterest Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income Disclosure Nonoperating [Abstract] | ||||
Income from bank-owned life insurance | $ 3,907 | $ 6,628 | $ 14,535 | $ 14,211 |
Credit related fees | 2,568 | 2,911 | 8,383 | 8,585 |
Income from derivatives | 2,970 | 1,739 | 11,755 | 9,718 |
Gain on sale of Mastercard Class B common stock | 2,800 | |||
Gain on sale of Hancock Horizon Funds | 4,576 | 4,576 | ||
Other miscellaneous | 8,168 | 3,145 | 13,673 | 11,110 |
Total other noninterest income | $ 22,189 | $ 14,423 | $ 55,722 | $ 43,624 |
Other Noninterest Expense (Deta
Other Noninterest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Expense Disclosure Nonoperating [Abstract] | ||||
Corporate value and franchise taxes | $ 3,414 | $ 4,872 | $ 11,300 | $ 13,649 |
Telecommunications and postage | 3,087 | 4,043 | 9,568 | 11,483 |
Advertising | 3,638 | 3,159 | 8,400 | 10,089 |
Entertainment and contributions | 2,280 | 1,315 | 5,214 | 7,146 |
Tax credit investment amortization | 1,112 | 961 | 3,337 | 2,882 |
Printing and supplies | 914 | 1,271 | 2,833 | 4,006 |
Travel expense | 765 | 309 | 1,789 | 1,816 |
Net other retirement expense | (7,294) | (6,337) | (20,645) | (18,796) |
Loss on facilities and equipment from consolidation | 15,462 | 929 | ||
Loss on extinguishment of debt | 4,165 | |||
Other miscellaneous | 13,041 | 5,105 | 25,567 | 16,822 |
Total other noninterest expense | $ 20,957 | $ 14,698 | $ 66,990 | $ 50,026 |
Earnings (Loss) Per Common Sh_3
Earnings (Loss) Per Common Share (Computation of Earnings (Loss) Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) to common shareholders | $ 129,582 | $ 79,356 | $ 325,472 | $ (148,749) |
Net dividends or income allocated to participating securities - basic and diluted | 2,419 | 1,435 | 6,650 | 1,278 |
Net income (loss) allocated to common shareholders - basic and diluted | $ 127,163 | $ 77,921 | $ 318,822 | $ (150,027) |
Weighted-average common shares - basic | 86,834 | 86,358 | 86,800 | 86,614 |
Dilutive potential common shares | 172 | 42 | 151 | |
Weighted-average common shares - diluted | 87,006 | 86,400 | 86,951 | 86,614 |
Earnings per common share: Basic | $ 1.46 | $ 0.90 | $ 3.67 | $ (1.73) |
Earnings per common share: Diluted | $ 1.46 | $ 0.90 | $ 3.67 | $ (1.73) |
Earnings (Loss) Per Common Sh_4
Earnings (Loss) Per Common Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |||
Antidilutive potential common shares with weighted averages excluded from calculation of earnings per share | 0 | 78,867 | 796 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2021Participant | Apr. 30, 2021USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||
Newly eligible associates initial savings rate | 3.00% | |
Eligible participants under VERIP | Participant | 260 | |
Pension plan assets | $ 808 | |
Benefit obligation | $ 597 | |
First 1% Of Contribution Saved [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Matching percentage | 100.00% | |
Percentage of compensation saved | 1.00% | |
Next 5% Of Contribution Saved [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Matching percentage | 50.00% | |
Percentage of compensation saved | 5.00% | |
Amended Hancock 401K Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Additional matching percentage | 2.00% | |
Period of employment for eligibility | 3 years | |
Amended Hancock 401K Plan [Member] | 4% Of Contribution [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Matching percentage | 4.00% | |
Amended Hancock 401K Plan [Member] | 6% Of Contribution [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Matching percentage | 6.00% | |
Amended Hancock 401K Plan [Member] | 2% Of Contribution [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Matching percentage | 2.00% |
Retirement Plans (Components of
Retirement Plans (Components of Net Periodic Benefits Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2,620 | $ 3,207 | $ 8,996 | $ 9,690 |
Interest cost | 3,552 | 3,892 | 9,982 | 12,315 |
Expected return on plan assets | (11,463) | (12,047) | (34,854) | (36,144) |
Amortization of net (gain) or loss and prior service costs | 717 | 1,854 | 4,471 | 5,168 |
Special termination benefits | 16,052 | |||
Net periodic benefit cost | (4,574) | (3,094) | 4,647 | (8,971) |
Other Post-Retirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 23 | 28 | 71 | 78 |
Interest cost | 91 | 106 | 257 | 377 |
Amortization of net (gain) or loss and prior service costs | (192) | (142) | (501) | (512) |
Special termination benefits | 4,137 | |||
Net periodic benefit cost | $ (78) | $ (8) | $ 3,964 | $ (57) |
Share-Based Payment Arrangeme_3
Share-Based Payment Arrangements (Narrative) (Details) $ / shares in Units, $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($)entity$ / sharesshares | |
Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares, outstanding | 10,891 |
Number of shares, exercisable | 10,891 |
Weighted average exercise price | $ / shares | $ 32.98 |
Aggregate intrinsic value | $ | $ 0.2 |
Stock options exercised | 12,183 |
Intrinsic value of options exercised | $ | $ 0.1 |
Restricted and Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation expense | $ | $ 46.8 |
Weighted-average period | 3 years |
Total fair value of shares vested | $ | $ 2.6 |
Shares granted | 236,874 |
Grant date fair value per share | $ / shares | $ 36.50 |
Performance Shares [Member] | Executive Management [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Service period | 3 years |
Performance Shares [Member] | Total Shareholder Return [Member] | Executive Management [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | 60,996 |
Grant date fair value per share | $ / shares | $ 38.49 |
Vesting performance period | 3 years |
Number of peer group regional banks | entity | 48 |
Performance Shares [Member] | Total Shareholder Return [Member] | Executive Management [Member] | Tranche One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of maximum number of shares vested | 200.00% |
Performance Shares [Member] | Operating Earnings Per Share [Member] | Executive Management [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares granted | 60,996 |
Grant date fair value per share | $ / shares | $ 32.17 |
Vesting performance period | 2 years |
Maximum [Member] | Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average remaining contractual term | 1 year |
Share-Based Payment Arrangeme_4
Share-Based Payment Arrangements (Summary of Nonvested Restricted and Performance Shares) (Details) - Restricted and Performance Shares [Member] | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Nonvested at Beginning | shares | 1,886,853 |
Number of Shares, Granted | shares | 236,874 |
Number of Shares, Vested | shares | (62,299) |
Number of Shares, Forfeited | shares | (167,411) |
Number of Shares, Nonvested at Ending | shares | 1,894,017 |
Weighted Average Grant Date Fair Value, Nonvested at Beginning | $ / shares | $ 34.77 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 36.50 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 33.74 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 35.32 |
Weighted Average Grant Date Fair Value, Nonvested at Ending | $ / shares | $ 34.97 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||||
Reserve for unfunded lending commitments | $ 28,946 | $ 29,907 | $ 31,526 | $ 3,974 |
Commitments and Contingencies_3
Commitments and Contingencies (Off-Balance Sheet Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments to Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Contract amounts | $ 8,983,039 | $ 8,106,223 |
Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Contract amounts | $ 370,905 | $ 365,510 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | $ 7,000,921 | $ 5,999,327 | |
Derivative assets | 4,911 | 2,869 | |
Derivative liabilities | 29,105 | 44,841 | |
Total recurring fair value measurements - liabilities | 4,500 | 5,600 | |
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 7,000,921 | 5,999,327 | |
Mortgage loans held for sale | 72,456 | ||
Derivative assets | [1] | 98,156 | 150,180 |
Total fair value measurements | 7,171,533 | 6,149,507 | |
Derivative liabilities | [1] | 39,708 | 55,257 |
Total recurring fair value measurements - liabilities | 39,708 | 55,257 | |
Recurring [Member] | U.S. Treasury And Government Agency Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 394,722 | 213,370 | |
Recurring [Member] | Municipal Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 316,027 | 326,725 | |
Recurring [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 14,761 | 11,764 | |
Recurring [Member] | Residential Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 3,253,393 | 2,629,811 | |
Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 2,884,433 | 2,455,534 | |
Recurring [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 137,585 | 362,123 | |
Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 7,000,921 | 5,999,327 | |
Mortgage loans held for sale | 72,456 | ||
Derivative assets | [1] | 98,156 | 150,180 |
Total fair value measurements | 7,171,533 | 6,149,507 | |
Derivative liabilities | [1] | 35,236 | 49,612 |
Total recurring fair value measurements - liabilities | 35,236 | 49,612 | |
Recurring [Member] | Level 2 [Member] | U.S. Treasury And Government Agency Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 394,722 | 213,370 | |
Recurring [Member] | Level 2 [Member] | Municipal Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 316,027 | 326,725 | |
Recurring [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 14,761 | 11,764 | |
Recurring [Member] | Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 3,253,393 | 2,629,811 | |
Recurring [Member] | Level 2 [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 2,884,433 | 2,455,534 | |
Recurring [Member] | Level 2 [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 137,585 | 362,123 | |
Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | [1] | 4,472 | 5,645 |
Total recurring fair value measurements - liabilities | $ 4,472 | $ 5,645 | |
[1] | For further disaggregation of derivative assets and liabilities, see Note 6 - Derivatives. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Recurring [Member] | Sep. 30, 2021shares |
Visa Inc [Member] | |
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Number of shares of Visa Class B common stock | 192,163 |
Investment Securities [Member] | Minimum [Member] | |
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Targeted duration | 2 years |
Investment Securities [Member] | Maximum [Member] | |
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Targeted duration | 5 years 6 months |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Level 3 Fair Value Rollforward) (Details) - Level 3 [Member] - Recurring [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 5,645 | $ 5,704 |
Cash settlement | (1,327) | (1,656) |
Losses included in earnings | 154 | 1,597 |
Ending balance | $ 4,472 | $ 5,645 |
Fair Value Measurements (Overvi
Fair Value Measurements (Overview of the Valuation Techniques and Significant Unobservable Inputs) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | ||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | $ 29,105 | $ 44,841 | |
Recurring [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | [1] | 39,708 | 55,257 |
Recurring [Member] | Level 3 [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | [1] | 4,472 | 5,645 |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | $ 4,472 | $ 5,645 | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Time until resolution | 3 months | 3 months | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Time until resolution | 27 months | 36 months | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, VISA Class A Appreciation [Member] | Minimum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 6 | 6 | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, VISA Class A Appreciation [Member] | Maximum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 12 | 12 | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, VISA Class A Appreciation [Member] | Weighted Average [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 9 | 9 | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Conversion Rate [Member] | Minimum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 1.62 | 1.62 | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Conversion Rate [Member] | Maximum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 1.60 | 1.60 | |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Conversion Rate [Member] | Weighted Average [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 1.6114 | 1.6114 | |
[1] | For further disaggregation of derivative assets and liabilities, see Note 6 - Derivatives. |
Fair Value Measurements (Fina_2
Fair Value Measurements (Financial Assets Measured at Fair Value on Nonrecurring Basis) (Details) - Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans individually evaluated for credit loss | $ 17,381 | $ 60,451 |
Other real estate owned and foreclosed assets, net | 8,423 | 11,648 |
Total fair value measurements | 25,804 | 72,099 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans individually evaluated for credit loss | 17,381 | 60,451 |
Total fair value measurements | 17,381 | 60,451 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets, net | 8,423 | 11,648 |
Total fair value measurements | $ 8,423 | $ 11,648 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available for sale securities | $ 7,000,921 | $ 5,999,327 |
Held to maturity securities | 1,307,701 | 1,357,170 |
Derivative financial instruments | 4,911 | 2,869 |
Derivative financial instruments | 29,105 | 44,841 |
Total Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 3,590,661 | 1,860,092 |
Available for sale securities | 7,000,921 | 5,999,327 |
Held to maturity securities | 1,385,967 | 1,467,581 |
Loans, net | 20,544,116 | 21,533,384 |
Loans held for sale | 90,618 | 136,063 |
Derivative financial instruments | 98,156 | 150,180 |
Deposits | 29,177,424 | 27,679,321 |
Federal funds purchased | 1,825 | 300 |
Securities sold under agreements to repurchase | 643,403 | 567,213 |
FHLB short-term borrowings | 1,126,938 | 1,147,335 |
Long-term debt | 260,964 | 404,880 |
Derivative financial instruments | 39,708 | 55,257 |
Total Fair Value [Member] | Level 1 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 3,590,661 | 1,860,092 |
Federal funds purchased | 1,825 | 300 |
Securities sold under agreements to repurchase | 643,403 | 567,213 |
Total Fair Value [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available for sale securities | 7,000,921 | 5,999,327 |
Held to maturity securities | 1,385,967 | 1,467,581 |
Loans, net | 17,381 | 60,451 |
Loans held for sale | 90,618 | 136,063 |
Derivative financial instruments | 98,156 | 150,180 |
FHLB short-term borrowings | 1,126,938 | 1,147,335 |
Long-term debt | 260,964 | 404,880 |
Derivative financial instruments | 35,236 | 49,612 |
Total Fair Value [Member] | Level 3 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans, net | 20,526,735 | 21,472,933 |
Deposits | 29,177,424 | 27,679,321 |
Derivative financial instruments | 4,472 | 5,645 |
Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 3,590,661 | 1,860,092 |
Available for sale securities | 7,000,921 | 5,999,327 |
Held to maturity securities | 1,307,701 | 1,357,170 |
Loans, net | 20,514,494 | 21,339,754 |
Loans held for sale | 90,618 | 136,063 |
Derivative financial instruments | 98,156 | 150,180 |
Deposits | 29,208,157 | 27,697,877 |
Federal funds purchased | 1,825 | 300 |
Securities sold under agreements to repurchase | 643,403 | 567,213 |
FHLB short-term borrowings | 1,100,000 | 1,100,000 |
Long-term debt | 248,011 | 378,322 |
Derivative financial instruments | $ 39,708 | $ 55,257 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Narrative) (Details) - ASU 2019-12 [Member] | Sep. 30, 2021 |
Recent Accounting Pronouncements [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 |
Change in accounting principle, accounting standards update, immaterial effect | true |